Iridium, the satellite phone industry, may be working hard to re-invent itself following its 1999 bankruptcy. Last September it returned to the stock market through a reverse takeover, and has set about raising cash for a brand new fleet of low-earth orbiting satellites.
In the 1990s Iridium launched with the idea of promoting satphones to some wide consumer market, but was quickly overtaken through the mobile phone industry. It became chiefly a niche provider of phones to aid workers and the military.
Now, Matt Desch, chief executive, believes there might be a large new market to be exploited in monitoring all sorts of objects, from trucks and also cargo containers to polar bears, by satellite phone .
Iridium was hopeful of getting backing for the $2.7bn project from either the US or French export credit agency
Now there is really a snag. One-time parent organization Motorola, which spun out Iridium in 1998, is suing the company for "at least $24.68m", related to old loan agreements in between the two businesses. More worryingly, Motorola could terminate crucial intellectual property licences for Iridium, which would make it not possible for that company to operate its satellite system.
Without having usable IP, there won't be much point in building or launching the satellites, even if the cash could be raised. Iridium says it is still in talks with Motorola to resolve the concern, however the case could well end up in court.
If this leads to delays, its terrible news. Iridium's current satellites aren't getting any younger - they need to be replaced in the next four years or so - and other competitors such as Inmarsat, Orbcomm and Globalstar are preparing rival services.
Iridium shares, which debuted at close to $10 have now lost around 30 per cent of their value.
The Motorola issue demonstrates once again the dangers from the space industry. In orbit, the satellites are at risk of colliding with space junk - one Iridium satellite was taken out just last year when it crashed with a defunct Russian satellite . About the ground, it risks becoming hit by the legal debris of its prior financial collapse.
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