Get The Most Recent News Concerning Motorola Grounding Iridium Satellite Mobile Phone Release

Iridium, the satellite handset company, has been working hard to re-invent itself following its 1999 bankruptcy. Last September it returned towards the stock marketplace via a reverse takeover, and has set about raising money for a brand new fleet of low-earth orbiting satellites.

In the 1990s Iridium launched using the concept of selling satphones to a broad user marketplace, but was soon overtaken through the mobile telephone company. 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 big new marketplace to become exploited in tracking all sorts of objects, from trucks and also cargo containers to polar bears, by satellite mobile phone .

Iridium was hopeful of obtaining backing for that $2.7bn project from either the US or French export credit agency

Now there is a snag. One-time parent company Motorola, which spun out Iridium in 1998, is suing the organization for "at least $24.68m", linked to old loan agreements between the two businesses. More worryingly, Motorola could terminate essential intellectual property licences for Iridium, which would allow it to be impossible for the firm to run its satellite program.

Without usable IP, there won't be much point in constructing or launching the satellites, even when the money can be raised. Iridium says it's however in talks with Motorola to resolve the issue, however the case could nicely wind up in court.

If this leads to delays, its terrible news. Iridium's existing satellites are not getting any younger - they have to be modified in the next four years or so - and other competitors like Inmarsat, Orbcomm and Globalstar are planning rival services.

Iridium shares, which debuted at almost $10 have now lost around 30 per cent of their value.

The Motorola issue demonstrates once again the dangers of the space business. In orbit, the satellites are at danger 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 dangers being hit by the legal debris of its previous financial collapse.

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