Short Take: Another potential Iridium savior backs away

New York-based investment company Castle Harlan, a turnaround firm, today announced it won't pursue a purchase of satellite phone operator Iridium. Castle Harlan had investigated Iridium's network and finances since June while considering a bargain basement $50 million takeover. But, the firm today said its studies "were unable to confirm that Iridium would generate even low levels of revenue with a high degree of certainty." Previously, cellular phone entrepreneur Craig McCaw also declined to acquire Iridium.