MOT » Topics » Iridium Bankruptcy Court Lawsuit

This excerpt taken from the MOT 10-Q filed Jul 31, 2008.
Iridium Bankruptcy Court Lawsuit
 
Motorola was sued by the Official Committee of the Unsecured Creditors of Iridium (the “Committee”) in the Bankruptcy Court for the Southern District of New York on July 19, 2001. In re Iridium Operating LLC, et al. v. Motorola asserted claims for breach of contract, warranty, fiduciary duty and fraudulent transfer and preferences, and sought in excess of $4 billion in damages. On September 20, 2007, following a first-phase trial, the Iridium Bankruptcy Court granted judgment for Motorola on all the Committee’s fraudulent transfer and preference claims. The parties thereafter reached an agreement, subject to Court approval, to settle all claims. On May 20, 2008, the Bankruptcy Court approved


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that settlement. In the settlement, Motorola is not required to pay anything, but released its administrative, priority and unsecured claims against the Iridium estate and withdrew its objection to the 2001 settlement between the unsecured creditors of the Iridium Debtors and the Iridium Debtors’ pre-petition secured lenders. This settlement, and its approval by the Bankruptcy Court, extinguished Motorola’s exposure and concluded Motorola’s involvement in the Iridium bankruptcy proceedings.
 
This excerpt taken from the MOT 10-Q filed Nov 6, 2007.
Iridium Bankruptcy Court Lawsuit
 
Motorola was sued by the Official Committee of the Unsecured Creditors of Iridium in the United States Bankruptcy Court for the Southern District of New York (the “Iridium Bankruptcy Court”) on July 19, 2001. In re Iridium Operating LLC, et al. v. Motorola asserts claims for breach of contract, warranty and fiduciary duty and fraudulent transfer and


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preferences, and seeks in excess of $4 billion in damages. On September 20, 2007, following trial on the solvency and capital adequacy portion of the Committee’s fraudulent transfer and preference claims, the Iridium Bankruptcy Court granted judgment for Motorola on all those claims.
 
Previously, in March 2001, the Iridium Bankruptcy Court approved a settlement between the unsecured creditors of the Iridium Debtors and the Iridium Debtors’ pre-petition secured lenders that created and funded a vehicle for pursuing litigation against Motorola. Motorola appealed the approval of the settlement, first to the United States District Court for the Southern District of New York and thereafter to the United States Court of Appeals for the Second Circuit. On March 5, 2007, the Court of Appeals vacated the District Court order approving the settlement and directed that the case be remanded to the Iridium Bankruptcy Court for further proceedings.
 
An unfavorable outcome in one or more of the Iridium-related cases still pending could have a material adverse effect on Motorola’s consolidated financial position, liquidity or results of operations.
 
This excerpt taken from the MOT 10-Q filed Aug 2, 2007.
Iridium Bankruptcy Court Lawsuit
 
Motorola was sued by the Official Committee of the Unsecured Creditors of Iridium in the United States Bankruptcy Court for the Southern District of New York (the “Iridium Bankruptcy Court”) on July 19, 2001. In re Iridium Operating LLC, et al. v. Motorola asserts claims for breach of contract, warranty and fiduciary duty and fraudulent transfer and preferences, and seeks in excess of $4 billion in damages. Trial began on the solvency portion of these claims on October 23, 2006 and concluded on June 5, 2007. As of the date hereof, no decision has been rendered.
 
Previously, in March 2001, the Iridium Bankruptcy Court approved a settlement between the unsecured creditors of the Iridium Debtors and the Iridium Debtors’ pre-petition secured lenders that created and funded a vehicle for pursuing litigation against Motorola. Motorola appealed the approval of the settlement, first to the United States District Court for the Southern District of New York and thereafter to the United States Court of Appeals for the Second Circuit. On March 5, 2007, the Court of Appeals vacated the District Court order approving the settlement and directed that the case be remanded to the Iridium Bankruptcy Court for further proceedings.
 
This excerpt taken from the MOT 10-Q filed May 8, 2007.
Iridium Bankruptcy Court Lawsuit
 
Motorola was sued by the Official Committee of the Unsecured Creditors of Iridium in the Bankruptcy Court for the Southern District of New York on July 19, 2001. In re Iridium Operating LLC, et al. v. Motorola asserts claims for breach of contract, warranty, fiduciary duty and fraudulent transfer and preferences, and seeks in excess of $4 billion in damages. Trial began on the solvency portion of these claims on October 23, 2006.
 
In March, 2001, the United States Bankruptcy Court for the Southern District of New York presiding over the Iridium bankruptcy proceeding approved a settlement between the unsecured creditors of the Iridium Debtors and the Iridium Debtors’ pre-petition secured lenders that created and funded a vehicle for pursuing litigation against Motorola. Motorola appealed the approval of the settlement, first to the United States District Court for the Southern District of New York and thereafter to the United States Court of Appeals for the Second Circuit. On March 5, 2007, the Court of Appeals vacated the District Court order approving the settlement and directed that the case be remanded to the Bankruptcy Court for further proceedings.
 
This excerpt taken from the MOT 10-Q filed Nov 2, 2006.
Iridium Bankruptcy Court Lawsuit
 
Motorola was sued by the Statutory Official Committee of the Unsecured Creditors of Iridium in the Bankruptcy Court for the Southern District of New York on July 19, 2001. In re Iridium Operating LLC, et al. v. Motorola asserts claims for breach of contract, warranty, and fiduciary duty, and for fraudulent transfers and preferences, and seeks in excess of $4 billion in damages. Trial began on October 23, 2006.
 
This excerpt taken from the MOT 10-Q filed Aug 3, 2006.
Iridium Bankruptcy Court Lawsuit
 
Motorola was sued by the Official Committee of the Unsecured Creditors of Iridium in the Bankruptcy Court for the Southern District of New York on July 19, 2001. In re Iridium Operating LLC, et al. v. Motorola asserts claims for breach of contract, warranty, and fiduciary duty, and for fraudulent transfers and preferences, and seeks in excess of $4 billion in damages. Trial has been rescheduled for September 19, 2006.
 
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