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Get The Latest Information About Motorola Grounding Iridium Satellite Mobile Phone Launch
Iridium, the satellite mobile phone organization, may be working hard to re-invent itself following its 1999 bankruptcy. Last September it returned towards the stock market via a reverse takeover, and has set about raising cash for a brand new fleet of low-earth orbiting satellites.
In the 1990s Iridium launched using the concept of promoting satphones to some broad consumer marketplace, but was quickly overtaken through the mobile phone company. It became chiefly a niche provider of phones to aid workers and also the military.
Now, Matt Desch, chief executive, believes there might be a large new marketplace to be exploited in checking all sorts of objects, from trucks and also cargo containers to polar bears, by satellite phone .
Iridium was hopeful of obtaining backing for that $2.7bn project from either the US or French export credit agency
Now there is really a snag. One-time parent organization Motorola, which spun out Iridium in 1998, is suing the organization for "at least $24.68m", associated to old loan agreements in between the two businesses. More worryingly, Motorola could terminate essential intellectual property licences for Iridium, which would allow it to be not possible for that industry to operate its satellite program.
Without having usable IP, there won't be much point in constructing or launching the satellites, even when the cash could be raised. Iridium says it's nevertheless in talks with Motorola to resolve the concern, however the case could nicely wind up in court.
If this leads to delays, its terrible news. Iridium's current satellites aren't getting any younger - they have to be replaced in the next four years or so - and other competitors like Inmarsat, Orbcomm and Globalstar are preparing rival services.
Iridium shares, which debuted at almost $10 have now lost around 30 per cent of their value.
The Motorola problem demonstrates once again the dangers from the space business. In orbit, the satellites are at risk of colliding with space junk - 1 Iridium satellite was taken out just last year when it crashed with a defunct Russian satellite . About the ground, it dangers getting hit by the legal debris of its prior financial collapse.
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