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Buyer Backs out of Deal to Purchase Motorola-Designed Iridium Phone System.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, March, 2000 by Sidener, Jonathan
Mar. 4--The Motorola-designed Iridium satellite phone system launched in 1998 may be doomed unless a new buyer can be found.
Communications pioneer Craig McCaw walked away from his planned purchase of the Motorola-designed Iridium satellite system Friday.
The move could mean the end of the estimated $5 billion phone system that launched in 1998 and spent nearly half of its short life in bankruptcy court.
"It depends whether this is real or just a negotiating strategy," said Bank of America Securities analyst Armand Musey.
Musey said that there have been no signs of other legitimate bidders for Iridium and that liquidation of the company "is a very likely possibility."
Temporary funding for the satellite phone system is set...
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