Bid for Iridium May Not Be Enough to Save It
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Venture Partners Inc., a closely held investment company controlled by Rolling Hills investor Gene Curcio, said it made a $25-million bid for the assets of Iridium--a tiny fraction of the more than $7 billion sunk into the system of 66 telecommunications satellites. The bid probably would not be enough to prevent the bankrupt satellite-phone company from shutting down today. The U.S. Bankruptcy Court in Manhattan will decide whether to accept the bid or any others that may have been submitted. Washington-based Iridium filed for Chapter 11 bankruptcy protection in August after it failed to attract enough customers. Motorola Inc., the founder and largest shareholder of Iridium with an 18% stake, is expected to begin shutting down Iridium’s satellites and liquidating its assets unless the court says it received an acceptable offer.
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