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.
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
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.
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