Feeds

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

Merger with Teledesic now even closer

  • alert
  • submit to reddit

Choosing a cloud hosting partner with confidence

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...

Remote control for virtualized desktops

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
UK.gov pushes for SWIFT ACTION against nuisance calls, threatens £500k fines
DCMS seeks lowering of legal threshold to fight rogue firms
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
Hungary's internet tax cannot be allowed to set a precedent, says EC
More protests planned against giga-tariff for Tuesday evening
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
ISPs handbagged: BLOCK knock-off sites, rules beak
Historic trademark victory, but sunset clause applies to future blocks
prev story

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
How to simplify SSL certificate management
Simple steps to take control of SSL certificates across the enterprise, and recommendations centralizing certificate management throughout their lifecycle.