End of Iridium-Motorola Lawsuit
Further to the archived blog post (login required) about Iridium, the Motorola lawsuit by former shareholders of Iridium who lost everything was finally settled in a judgment that cost Motorola no more than already paid.
In a bit of wordsmithy, Motorola announced that the deal did not cost the company anything. Yet, this post shows that Motorola already paid $825 million on some claims and another $383 million for a suit brought by Chase Manhattan Bank.
The post goes on to say:
In what only can described as business brilliance, investor Dan Colussy purchased the bankrupt network for $25 million, or half a penny on the dollar, and repositioned the service thanks to a $252 million service contract with the U.S. military that covered more than 20,000 users from the start – more than what Motorola could attract within nine months of business operations.
Iridium recently reported $74.3 million in revenues for the first quarter of this year as well as more than 250,000 users globally.
These phallic phones are obsolete and have been replaced with much smaller and more portable models.
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