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Why New CEO Took A Flier On Iridium.(A)(Q & A)
Byline: Peter Benesh
In December, Iridium Satellite LLC, a consortium headed by Dan Colussy, bought assets of bankrupt Iridium LLC for $25 million. The system had cost Motorola Inc. and its partners $5 billion.
Iridium Satellite is debt-free, and its operating costs total just 10% of its predecessor's. Underpinning the company is a two-year, $72 million contractto provide global phone service for up to 20,000 Defense Department personnel.
Investor's Business Daily spoke with Chairman Colussy.
IBD: What made you believe you could turn Iridium into a winner?
Colussy: There is a hole to dig out of, no doubt. The most important item was the new cost structure. Eliminating the debt, getting our operating costs way down, giving us a lower break-even. The other factor was the ability to sign up a strong long-term customer in the U.S. Department of Defense.
IBD: Did you have the DOD in your hip pocket when you went after Iridium's assets?
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