Feeds

ICO wins court approval for McCaw's $150m cash injection

Merger with Teledesic now even closer

  • alert
  • submit to reddit

3 Big data security analytics techniques

Our prediction of a Teledesic/ICO Global Communications merger appears to be coming true. The US bankruptcy court -- along with a pair of the same in Bermuda and the Cayman Islands; so you see where the money will end up -- approved Teledesic chairman Craig McCaw's plan to pump first $150 million into the much-troubled satellite mobile phone company, and then lead a finance drive to find up to $2.1 billion. And who reported this interesting titbit? Why, none other than Teledesic under a Teledesic/ICO banner. The financing and cash injection is subject amongst other things to a "confirmation and consummation of a reorganisation plan" -- in other words, to McCaw's elevation to the chairmanship of ICO. Given that ICO is now in the same business as Teledesic -- it wants to provide high bandwidth Net access through its still-to-be-launched satellite network rather than an Iridium-style mobile phone service -- and will soon have the same chairman (and possibly other members of the executive team), merging the two operations is the obvious next move. Like Iridium, ICO filed for Chapter 11 bankruptcy protection last August. While its rival struggles to persuade its investors to allow it to restructure, ICO revealed a plan to adopt Teledesic's business model and, before McCaw's input, a further round of financing. ® Register Remarkable Coincidences No. 4001 McCaw's fellow 'name' investor in Teledesic is Bill Gates. Gates' Microsoft yesterday came to an agreement with one Richard Kerstein over the ownership of the Windows2000.com domain name. And who did Kerstein once work for? Why, McCaw Cellular, as CFO...

Combat fraud and increase customer satisfaction

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.