Investment firm bids to save Iridium

A bankruptcy judge next week will consider a bid by a New York-based investment firm to acquire the Iridium satellite telephone company.

Under the proposal, Castle Harlan Inc. would pay $50 million - just a penny or two on the dollar compared to what it cost to build and launch the system. In March, the court approved Iridium's request to cease operations and destroy its $5 billion constellation of more than 66 satellites by pulling them from orbit.

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