Key Developments For ICO Global Communications (Holdings) Limited
ICO Global Communications (Holdings) Limited (ICOG.O) (Consolidated Issue listed on NASDAQ Global Market)
ICO Global Communications (Holdings) Ltd Announces Resignation Of Craig Jorgens As President-Form 8-K
ICO Global Communications (Holdings) Ltd reported in its Form 8-K that on June 25, 2009, Craig Jorgens has resigned as President of the Company and all officer positions with the Company's subsidiaries, effective June 30, 2009, and was engaged to serve as a consultant to the Company.
ICO Global Communications (Holdings) Ltd's DBSD North America Inc. Files Pre-Negotiated Plan To Restructure Outstanding Debt
ICO Global Communications (Holdings) Ltd's DBSD North America, Inc. announced that it has filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York in order to complete a restructuring of its $750 million of convertible notes which are due in August 2009. The Company and ICO Global have entered into agreements with holders of approximately 57% of the Notes to implement a plan of recapitalization pursuant to which holders of the Notes would receive shares of common stock of the reorganized company representing approximately 95% of the outstanding equity and ICO Global would receive shares of common stock representing approximately 5% of the outstanding equity. In addition, ICO Global would receive warrants to purchase at $0.01 per share up to an additional 10% of the equity which shall be exercisable upon certain valuation events.
ICO Global Communications (Holdings) Ltd Announces Resignation Of J. Timothy Bryan As Chief Executive Officer
ICO Global Communications (Holdings) Ltd announced that J. Timothy Bryan, Chief Executive Officer and board member of ICO Global and its subsidiaries, has resigned from his officer and board positions with the Company. Mr. Bryan will continue to work with the Company as a consultant. In addition, the Company announced that Michael Corkery will become the acting Chief Executive Officer of both ICO Global and ICO North America Inc. Mr. Corkery will also remain the Chief Financial Officer of both companies.
ICO Global Communications (Holdings) Ltd Announces Court Judgment in ICO Litigation Against Boeing
ICO Global Communications (Holdings) Ltd announced that the Los Angeles Superior Court has entered judgment on the verdict the company received in its litigation against The Boeing Company and its Boeing Satellite Services International subsidiary (collectively, Boeing). The judgment amount is $631,067,767.00. The judgment consists of compensatory damages of $371 million and punitive damages of $236 million, which the jury awarded in October 2008, plus pre-judgment interest. Beginning January 2, 2009, post-judgment interest will accrue on the full judgment amount at the rate of 10% per annum (simple interest), or $63,106,777.00 per year. Based on available information, ICO believes that the judgment represents the jury verdict of 2008.
The Boeing Company Hit With $237 Million In Damages From ICO Global Communications (Holdings) Ltd Trial-Reuters
Reuters reported that The Boeing Company and its satellite manufacturing unit have been ordered to pay $236.86 million in punitive damages to ICO Global Communications (Holdings) Ltd as a result of a long-running legal dispute. The award comes on top of the $370.6 million in damages Boeing was ordered to pay ICO in the same case 10 days ago by a California state court jury in Los Angeles.
