CEO of Iridium quits

Jim Whitehead (
Fri, 23 Apr 1999 09:43:22 -0700
"CEO of Troubled Iridium Quits"

In the fourth quarter of 1998, Iridium suffered a jaw-dropping loss of
US$440 million on revenue of just $186,000. The company has sold only 3,000
satellite phones, far short of its expectations.

I just love biz-speak, "far short of its expectations." -- how about,
"bloody nightmare?"

Anyway, this implies that their satellite network will be up for grabs soon.
For sale, technically brilliant satellite and billing network with no proven
economic model which could recoup its cost. Inquiries: Iridium
Redevelopment Corp.,...

- Jim