Y2K Back-Up Satellite Phone Company, Iridium Is Delisted by NASDAQgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
The Iridium system has been supplying satellite phones by the truckloads to government, utility and other corporate buyers as a back-up in case of Y2K caused phone failures.
The following story was in the Houston Chronicle today (11/23/99). Unable to find a link for story, but did verify the De-Listing of Iridium at the NASDAQ web site.
Iridium has shares delisted by NASDAQ
Washington - Shares of Iridium World Communications, the publicly traded arm of the satellite-telephone company, were delisted Monday by the NASDAQ National Market and fell as low as 50 cents a share in their first trades since filing for Chapter 11 bankruptcy protection in August.
The shares fell 11/16 to 2 3/8. They're now listed on the so-called "pink sheets," a daily table that gives information on over-the-counter stocks not listed on the NASDAQ.
Iridium filed for bankruptcy protection after failing to attract enough subscribers to its 66-satellite global telephone network.
-- snooze button (email@example.com), November 23, 1999