Feeds

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

Merger with Teledesic now even closer

  • alert
  • submit to reddit

Mobile application security vulnerability report

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...

The Power of One Brief: Top reasons to choose HP BladeSystem

More from The Register

next story
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.