Judge Tunes Out Iridium Creditor Claims

Law360, New York (September 4, 2007, 12:00 AM EDT) -- In a blow to Iridium's unsecured creditors, a federal bankruptcy judge has partially rejected the idea that Motorola is to blame for the satellite-based mobile phone unit's collapse, putting a damper on their quest to regain $3.4 billion from the technology giant.

On Friday, U.S. Bankruptcy Judge James Peck quashed the notion that Motorola was liable for Iridium's implosion, ruling that the statutory committee of unsecured creditors had not met the threshold necessary to prove some of its fraud claims.

“The court finds that the committee...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.