Hmm.. had to unsubscribe him. eGroups sucks.
-Ian.
Ian Andrew Bell wrote:>
> Hey, guess what? Ed’s on holiday!
>
> I suspended him from posting. Someone remind me to turn it back on on Aug
> 23rd.
>
> -Ian.
>
> Ed Hargrave wrote:
> >
> > I will be out of the office until August 23, 1999.
> > If this matter is urgent. please contact Mike Antoniak
> > at 604.473.9883 or mikea [at] microserve [dot] ca.
> >
> > Best Regards,
> > Ed Hargrave
> >
> > >>> “foib [at] egroups [dot] com” 08/13/99 14:27 >>>
> >
> > I will be out of the office until August 23, 1999.
> > If this matter is urgent. please contact Mike Antoniak
> > at 604.473.9883 or mikea [at] microserve [dot] ca.
> >
> > Best Regards,
> > Ed Hargrave
> >
> > >>> “foib [at] egroups [dot] com” 08/13/99 14:25 >>>
> >
> > I will be out of the office until August 23, 1999.
> > If this matter is urgent. please contact Mike Antoniak
> > at 604.473.9883 or mikea [at] microserve [dot] ca.
> >
> > Best Regards,
> > Ed Hargrave
> >
> > >>> “foib [at] egroups [dot] com” 08/13/99 14:24 >>>
> >
> > I will be out of the office until August 23, 1999.
> > If this matter is urgent. please contact Mike Antoniak
> > at 604.473.9883 or mikea [at] microserve [dot] ca.
> >
> > Best Regards,
> > Ed Hargrave
> >
> > >>> “foib [at] egroups [dot] com” 08/13/99 14:22 >>>
> >
> > I will be out of the office until August 23, 1999.
> > If this matter is urgent. please contact Mike Antoniak
> > at 604.473.9883 or mikea [at] microserve [dot] ca.
> >
> > Best Regards,
> > Ed Hargrave
> >
> > >>> “foib [at] egroups [dot] com” 08/13/99 14:18 >>>
> >
> > http://cbs.marketwatch.com/archive/19990813/news/current/irid.htx
> > http://www.news.com/News/Item/0,4,40492,00.html?st.ne.fd.mdh.ni
> > http://www.news.com/News/Item/0,4,40407,00.html?st.ne.ni.rel
> >
> > -Ian.
> >
> > –=–
> >
> > Chapter 11 filed against Iridium
> > Interest payment of $90 million due Sunday
> >
> > By Debra McGarry, CBS MarketWatch
> > Last Update: 4:42 PM ET Aug 13, 1999
> > Movers & Shakers
> >
> > WASHINGTON, D.C. (CBS.MW) — A group of investors filed an involuntary
> > Chapter 11 bankruptcy
> > petition against financially troubled Iridium World Communications on
> > Friday, two days after the
> > company defaulted on over $1.5 billion in loans.
> >
> > “It became clear to the various parties at interest that a Chapter 11 filing
> > was inevitable and, unless
> > drastic action was taken, the company’s assets could be at serious risk,”
> > said Talton Embry of
> > Magten Asset Management Corporation, a member of the beleaguered company’s
> > steering
> > committee, in a statement.
> >
> > Iridium (IRID: news, msgs) has 20 days to respond to the involuntary
> > petition and can continue to
> > operate its business in the ordinary course.
> >
> > On Wednesday, Iridium said it defaulted on more than $1.5 billion in loans
> > after failing to meet
> > customer and revenue growth targets required on an $800 million loan, the
> > third extension of which
> > expired Wednesday.
> >
> > The expiration triggered the default on that loan and another for $750
> > million. Iridium did not seek
> > another extension, spokeswoman Michelle Lyle told Reuters.
> >
> > The default also delivered a blow to Motorola (MOT: news, msgs), Iridium’s
> > 18 percent owner, and its
> > loan guarantor. Motorola shares gained 5 1/4 to close at 93 amid an overall
> > market rally.
> >
> > Motorola issued a statement on Thursday in which it reiterated its support
> > for Iridium, its operations
> > and gateways and all current and future subscribers. However, Iridium’s
> > largest shareholder said its
> > “willingness to participate in providing additional financial support
> > depended on a substantial degree
> > of participation in a financial restructuring by all other relevant parties
> > with a significant financial
> > interest.”
> >
> > Motorola is the guarantor of the $750 million loan in default. The other
> > $800 million loan is secured by
> > Chase Manhattan Bank. According to Motorola, creditors have been working on
> > plans to restructure
> > Iridium’s debt.
> >
> > The default has hit additional investors, namely Japan’s Nippon Iridium, the
> > second largest
> > shareholder after Motorola. Japan’s Kyocera (KYO: news, msgs) and
> > long-distance phone service
> > provider DDI Corp. are the major shareholders of Nippon Iridium. See full
> > story.
> >
> > “It’s in every investor’s interest to keep them (Iridium) out of bankruptcy,
> > because bankruptcy shrinks
> > the size of the pie available to Motorola, banks, and bondholders,” analyst
> > Armand Mussey of Bank
> > of America Securities told CBS.Marketwatch.com on Wednesday.
> >
> > Once Iridium missed its first customer subscription projections, it had less
> > revenue available for
> > advertising, which resulted in the company missing its revenue and
> > subscription projections even
> > further. “Then they have so little money left over that the banks start
> > coming after them and
> > meanwhile all the interest on their loans keeps accumulating,” Mussey said.
> >
> > On Aug. 15, Iridium must meet a $90 million interest payment on its $1.45
> > billion in bonds. The
> > payment was originally due July 15, but Iridium exercised a 30-day grace
> > period.
> >
> > Trading in shares of the struggling satellite communications company were
> > halted amid a 1 3/16 slide
> > to 3 1/16 on volume of of almost 5 million shares.
> >
> >
> >