Motorola Wins Appeal To Reopen Iridium Settlement

Law360, New York (March 7, 2007, 12:00 AM EST) -- A bankruptcy court will reexamine a settlement between lenders and creditors of Iridium Operating LLC that was used to fund a lawsuit against former Iridium parent Motorola Inc.

The United States Court of Appeals for the Second Circuit decided Monday that a district court erred in affirming the order of a bankruptcy court to approve the settlement without explaining deviations from the Bankruptcy Code. The circuit court remanded the case to the bankruptcy court to assess the deviations.

“Given the settlement's funding of Motorola's litigation opponent,...
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