Question:- Visualize the key events for project Iridium from its inception (Bertinger's trip to the Bahamas) to filing for bankruptcy in a timeline view. Years 1985 1987 1988 Event Bary Bertiger, chief engineer in Motorola’s strategic electronics division, and his wife Karen were on a vacation in the Bahamas In research began on a con- stellation of LEO satellites moving in polar orbits that could communicate directly with telephone systems on the ground and with one another. Dr. Leopold proposed a critical design element June 26, 1990 December 1991 Hillis and his team formally announced the launch of the Iridium Project to the general public. November 1998 2002 1992 Cost of project was estimated $5 billion Motorola established Iridium Limited Liability Corporation (Iridium LLC) as a separate company. Iridium anticipated a customer base of 5 million users By 1992, the Iridium Project attracted such stalwart companies as General Electric, Lockheed and Raytheon August 1992 The Iridium plan, submitted to the FCC in August 1992, called for a constellation of 66 keeping the project’s cost at the previously estimated $3.37 billion. But the Iridium Project, keeping the project’s cost at the previously estimated $3.37 billion. Even with the increased competition, Motorola was signing up partners. December Motorola had set an internal deadline of December 15, 1992, to find the 15 1992 necessary funding for Iridium. Motorola was expected to announce at some point, perhaps in the first half 1993 of 1993, whether it was ready to proceed with the next step, namely receiving enough cash from its investors, securing loans and ordering satellite and group equipment. August 1993 In August 1993, Lockheed announced that it would receive $700 million in revenue for satellite construction. McDonnell Douglas Corp. received from Iridium a $400 million contract to April 1994 launch 40 satellites for Iridium. Iridium said that it had completed its equity financing by raising an additional September $733.5 million. 1994 Iridium announced that it would be issuing $300 million 10-year senior 1995 subordinated discounted notes rated Caa by Moody’s and CCC+ by Standard & Poor’s, via the investment banker Goldman Sachs, Inc. The division accounted for approximately 40% of Motorola’s total sales of 1995 $27 billion. Motorola had reached level 3 of the five levels in CMM and had planned to 1995 reach level 4 by 1996 Iridium had raised an additional $315 million from the 17-member consortium February and private investors. In August 1996, 1996, August 1996 Iridium had secured a $750 million credit line with 62 banks co-arranged by Chase Securities Inc., a unit of Chase Manhattan Corp. and the investment banking division of Barclays Bank PLC. Motorola announced that it was working on a new project dubbed M- Star, October which would be a $6.1 billion network of 72 low-orbit satellites capable of 1996 worldwide voice, video and high-speed data links targeted at the international community. End of 1996 Iridium planned on raising more than $2.65 billion from investors. Iridium began forming a very strong top management team with the hiring of 1996 Dr. Edward Staiano as CEO and vice chairman. Prior to joining Iridium in 1996, Staiano had worked for Motorola for 23 years, during which time he developed a reputation for being hard-nosed and unforgiving. 23 out of 47 major milestones were completed on or ahead of schedule and 1996 under budget A delta 2 rocket carrying a global positioning system (GPS) exploded upon January launch scattering debris above its Cape Canaveral launch pad. 1997 In May of 1997, after six failed tries, the first five Iridium satellites were May 1997 launched. In June of 1997, after the first five satellites were placed in orbit, Iridium filed June 1997 for an IPO of 12 million shares priced at $20 per share. The Iridium system was officially launched. It was truly a remarkable feat that November the 11-year project was finally launched, just a little more than a month late. 1998 November 2 Iridium began providing service. 1998 December 1998 In order to make its products and services known to travelers, Iridium agreed to acquire Claircom Corporation from AT&T and Rogers Cantel Mobile Communications for about $65 Million. Some industry observers felt that Motorola had additional incentive to ensure Late 1990 that Iridium succeeded, irrespective of the costs namely, protecting its reputation. Iridium’s CEO, Ed Staiano, resigned at the April 22 board meeting. Sources April 1999 believed that Staiano resigned when the board nixed his plan requesting additional funds to develop Iridium’s own marketing and distribution team rather than relying on its strategic partners. Iridium officially announced that it did not expect to meet its targets specified May 1999 under the $800 million loan agreement. Iridium received an additional 30-day extension beyond the 2-month June 1999 extension it had already received. The banks and investors agreed to give Iridium yet a third extension to July 1999 August 11 to meets its financial covenants. August 1999 Iridium filed for bankruptcy protection. This was like having “a dagger stuck in their heart” for a company that a few years earlier had predicted financial breakeven in just the first year of operations. Leo Mondale resigned as Iridium’s chief financial officer. September 1999 (October 1999) The Iridium network was an engineering marvel. Motorola’s never-say- die attitude created technical miracles and overcame NASA-level technical problems. November 2000 A group of investors led by an airline executive won bankruptcy court approval to form Iridium Satellite Corporation and purchase all remaining assets of failed Iridium Corporation. February 6, Iridium satellite declared that 2005 was the best year ever. 2006, September After almost 10 months, the Bankruptcy Court in Manhattan ruled in favor or 4, 2007, Motorola and irritated the burned creditors that had hoped to get a $3.7 billion judgment against Motorola. Epilogue When Iridium went into bankruptcy, it was considered a technical (2011) masterpiece but a business failure. 2007 Iridium announced plans for the second- generation Iridium satellites called Iridium NEXT. Satellite launches for Iridium NEXT would begin in 2015 and be completed by 2017. June 2, Iridium announced the award of a $2.9 billion contract to Thales Alenia 2010 Space for satellite procurement. 2010 Iridium stock had a high of $11.13 and a low of $6.27.