iridium motorola

#MenuManagement a { background-image:url(/Design/graphics/Reg_default/white_pressed_button.png); background-color:#ffffff; color:#000000; } #MenuNone a { font-weight: bold; } Iridium creditors sue Motorola for $1.99bn | The Register Skip to content Biting the hand that feeds IT Cash ’n’ Carrion Events HardwareSoftwareMusic & MediaCommsSecurityPublic SectorManagementScienceOdds & Sods Management: Financial NewsSmall BizIT DirectorTech Panel Reg Hardware Reg Developer Channel Register Whitepapers News Tools Newsletters & Feeds Reg Mobile Reg Desktop News Alerts Reg Shops Reg Merchandise Books/Online Learning Top Stories Unlocked iPhones help drive Apple Q2 Google's riches rely on ads, algorithms, and worldwide confusion eBay sues Craigslist as family squabble goes public New York lawmakers approve 'Amazon tax' eBay kills live auctions Read more top stories Related Whitepapers The Strategic Role of IT Culture in Business Performance The Register Desktop Support Seminar The status of iSCSI Across the chasm, past the trough of disillusionment... Thirty-One Best Practices For The Service Desk Discover proven industry best practices The Register's Virtualization Study Results Tony Lock on the findings of The Register's Virtualization Study Creating Cost and Energy Efficiency Through Outsourcing Hosting Solutions An IDC Opinion Paper Building the Virtualized Enterprise with VMware Infrastructure Achieve your cost-saving goals The Register В» Management В» Iridium creditors sue Motorola for $1.99bnSuit alleges Motorola syphoned off cash from doomed satellite comms companyBy Tony Smith в†’ More by this authorPublished Monday 27th March 2000 14:12В GMT See what the experts have to say on attracting, retaining and developing IT talent Iridium creditors have begun legal action against Motorola. They claim the company, which created Iridium and held an exclusive contract to maintain the comms operation's 66 satellites, failed in its legal duties. The suit, filed with the New York District Court, alleges that Motorola was aware of Iridium's problems and failed to inform fellow shareholders. Instead, the suit claims, Motorola acted to get as much money out of the company as it could before the inevitable happened and Iridium was liquidated. According to a report in yesterday's Mail on Sunday, the creditors believe Motorola signed contracts with Iridium that led to nearly $1.4 billion being paid to Motorola to no benefit to Iridium. They also claim Motorola covertly competed with Iridium by producing satellite systems for Teledesic - a deal that brought Motorola a 26 per cent stake in the 'Internet in the sky' company. Teledesic is, of course, run by Craig McCaw, whose decision to pull out of negotiations to buy Iridium led to the company's liquidation. It's no surprise, then, that creditors might be a tad aggrieved with Motorola for working with Teledesic, even though the latter never really competed with Iridium. The cellphone company's satellites were never designed for broadband data networking, the role Teledesic has in mind for its own devices. As for Motorola's other alleged infringements, the creditors may have a point, but whether it justifies legal action is another matter. Motorola has, after all, sunk a heck of a lot of money into the venture, and last year took some a major financial beating thanks to its exposure to the satellite venture. It's not surprising then that over time it has acted to minimise that exposure. Proving that it wielded unacceptable power over Iridium and used that power to force a series of valueless contracts on it will, however, be difficult to prove. However, the creditors, owners of IOU bonds worth around $1.99 billion, have a lot to lose if they don't pursue the case. And expect them to pursue it aggressively. ® Track this type of story as a custom Atom/RSS feed or by email. 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