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Learn About The Latest Information Concerning Motorola Grounding Iridium Satellite Handset Launch
Iridium, the satellite handset 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 money for a brand new fleet of low-earth orbiting satellites.
Within the 1990s Iridium launched with the concept of selling satphones to some broad consumer marketplace, but was soon overtaken through the mobile mobile phone business. It became chiefly a niche provider of phones to aid workers and also the military.
Now, Matt Desch, chief executive, believes there could be a large new marketplace to be exploited in tracking all sorts of objects, from trucks and also cargo containers to polar bears, by satellite handset .
Iridium was hopeful of getting backing for that $2.7bn project from either the US or French export credit agency
Now there is 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 between the two businesses. Much more worryingly, Motorola could terminate crucial intellectual property licences for Iridium, which would allow it to be impossible for that firm to operate its satellite program.
Without usable IP, there won't be a lot point in building or launching the satellites, even when the money could be raised. Iridium says it's nevertheless in talks with Motorola to resolve the issue, however the situation could well wind up in court.
If this leads to delays, its terrible news. Iridium's existing 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 planning rival services.
Iridium shares, which debuted at close to $10 have now lost close to 30 per cent of their value.
The Motorola concern 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 last year when it crashed with a defunct Russian satellite . About the ground, it risks being hit by the legal debris of its prior financial collapse.
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