Spring 2001

IR Acquisitions Group fails to enter winning bid for Iridium at the New York Federal Bankruptcy Court. Project terminates.

18 May 2000 -
Spring 2001

IR Acquisitions Group, with Carl George as CEO, attempts to assemble financing.

18 May 2000

Iridium Rescue Project resurfaces publicly as IR Acquisition Group and releases press announcement concerning submission to New York Bankruptcy Court of formal bid to purchase bankrupt Iridium system.

25 April 2000 -
18 May 2000

Iridium Rescue Project team works privately to structure a comprehensive Operations and Management solution.

24 April 2000

Basic deal is reached with a funding group that claims it can back a purchase offer. At this point, the Iridium Rescue Project is now required to enter a quiet mode. No further public communications can be provided.

23 April 2000

Mr. Welty flies to INTRASPACE Corporation in preparation for a Monday, 24 April 2000 meeting with Mr. D'Ausilio, with Mr. D'Ausilio's O&M (Operations and Management) team leaders, and with a representative of a candidate funding organization.

21 April 2000

An oral offer comes in to back funding. Mr. Welty and Mr. D'Ausilio plan to meet in Salt Lake City on Monday, 24 April 2000 to meet with the entire team so details can be ironed out and converted to writing.

20 April 2000

Mr. Welty and Mr. D'Ausilio initiate additional contacts and inquiries.

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19 April 2000

Mr. Welty receives at least one initial proposal that, if accepted by us, could lead to us receiving the financial backing necessary to fund the acquisition. Motorola informs Mssrs. Welty and D'Ausilio that the Iridium constellation will not be de-orbited before the end of April, thus giving time to submit an offer. Inquiries arrive regarding specific needs to finalize the exhibits to the offer. Mr. Welty confers with United States Trustee Paul Kenan Schwartzberg regarding procedural instructions for submission of purchase offer to Iridium. Leading Edge readies the offer for presentation during week of 24 April 2000.

18 April 2000

Final draft of offer is finished. We await our letter of credit. Multiple contacts are made across the United States.

17 April 2000

Tentative final format of purchase offer is completed. Mr. Welty makes written proposal to International Space Brokers that, if accepted, will result in agreement to issue de-orbit performance bond to cover cost of de-orbiting the Iridium Constellation, should this become necessary. Mr. Welty, still looking for a letter of credit to consummate the deal, makes a deal with the sponsors of SaveIridium.com, a grassroots attempt to stop the de-orbit plans. Maybe they can help, maybe they can't. We'll see.

15 April 2000

Mr. Welty begins drafting formal purchase offer intended to be submitted to Iridium and Motorola.

14 April 2000

Funding alliance candidates are further examined for "best fit" in the arrangement. Mr. Welty continues discussions regarding de-orbit bond. Fact finding regarding the decision-makers and what the interests of the parties entails continues. SWANsat's bona fides are submitted to candidate partner identified for possible strategic financial alliance. INTRASPACE posts its Statement of Corporate Capabilities to the Iridium Rescue Project's portfolio. Mr. Welty posts it on the Iridium Rescue Project's web page. Mr. Welty and Mr. D'Ausilio confirm that Motorola intends to send initial set of instructions that will lead to de-orbit of the Iridium constellation beginning Tuesday 18 April or Wednesday 19 April. Irrecoverable de-orbit of Iridium constellation will then begin sometime Saturday, 22 April 2000 if rescue proposal is rejected by Iridium, by its parties of interest, or by the US Bankruptcy Court.

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Week of
10 April 2000

Mr. D'Ausilio crafts strategic alliance with entity capable of tasking ongoing maintenance of Iridium constellation. By Friday, 14 April 2000, basic understanding is reached on how this tasking can be accomplished.

Strategic alliances for funding of any cash bids that may be required are explored. Candidates are identified and initial contacts undertaken.

7 April 2000

Mr. D'Ausilio confers with his sources regarding Iridium's SNOC. Mr. Welty faxes his "Biscuits and Birdies" letter to Carl Icahn, giving him one last invitation to participate.

6 April 2000

On a lighter note, Mr. Welty's twin brother Charles (who happens to be a screenwriter) begins working on a screenplay for a motion picture based on the Iridium Rescue Project. He's not sure if it should be crafted as a comedy, a drama, a caper film, science fiction, or a murder mystery. Or maybe a bit of all five types... His working title: Deal of the Millennium. On the serious side, Mr. Welty and Mr. D'Ausilio consult with Motorola engineers regarding IP (Intellectual Property) set required to run the SNOC. Looks like possession of the SNOC will be needed to make Iridium work. Motorola requires signature of a non-disclosure agreement (NDA) as a condition of proceeding. Mr. Welty requests that one be faxed for immediate signature. Mr. Welty addresses rumor that de-orbit is to start on Saturday 8 April 2000. Motorola says that's just a rumor and they're not planning to do start de-orbit that quickly. Motorola says they will give Mssrs. Welty and D'Ausilio an opportunity to work the problems.

5 April 2000

Mr. Welty and Mr. D'Ausilio consult with senior Motorola and Iridium personnel concerning requirements for transfer of Iridium's Satellite Network Operations Center (SNOC). Most major concerns seem solvable. Mr. Welty confers with International Space Brokers regarding issuance of a $40-50 million bond to pay for de-orbit, should that become necessary. Mr. Welty faxes a letter to Carl Icahn inviting him to participate. Copies are sent to his home and office.

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4 April 2000

Mr. Welty and Mr. D'Ausilio consult with Iridium's Rob Smith regarding the proposal set forth in Welty's proposal letter and in our supplemental letter. Mr. Smith refers us to Iridium's COO Randy Brouckman. Mssrs. Welty and D'Ausilio initiate contacts with Mr. Brouckman. Mr. Welty confers with Iridium's insurance broker International Space Brokers regarding the Iridium Rescue Project's proposed solution. Preliminary indications are that the proposal will be given serious consideration.

3 April 2000

DLJ's Michael Roub informs Mr. Welty that DLJ resigned as investment counsel for Iridium, effective 1 April 2000. Mr. Roub refers Mr. Welty to Rob Smith at Iridium. Mr. Welty sends a supplemental letter by FedEx to the Court and by fax to the interested parties, explaining how his proposal meets the challenges outlined by counsel.

31 March 2000

The Court's Trustee Mr. Paul Schwartzberg responds by telephone, acknowledging reception of the letter, which will not be posted to the public Docket Report. He suggests that Mr. Welty contact specific counsel for the parties. He begins contacting counsel for unsecured creditors. Three basic challenges are presented as conditions for a solution to the Iridium problem.

30 March 2000

Mr. Welty sends a written proposal to the Bankruptcy Court with copies sent to all parties of interest. A copy of the proposal is posted on the SWANsat web site.

28 March 2000

Mr. Welty informs DLJ that he now has standing in the Iridium matter. He says a written proposal will be completed and sent within 48 hours to all parties of interest.

27 March 2000

Mr. Dawson signs a Limited Power of Attorney that authorizes Leading Edge Technologies to represent him as an Attorney in Fact with respect to non-legal representation in the Iridium matter. Mr. Welty and Robert D'Ausilio, president of SWANsat's vendor IOSTAR Corporation, confer with DLJ and Iridium's senior engineer Bob Smith about our bona fides to present a solution to the Iridium bankruptcy.

23 March 2000

Mr. Welty attends luncheon meeting of Christian Business Men's Committee of Downey as a featured guest speaker and discusses his background as founder of a Direct Broadcast Satellite permittee as part of his long term goals to produce a new English language Bible translation called the International Standard Version.

Coincidentally, at the conclusion of the meeting he is asked what he thinks about the Iridium bankruptcy. Welty replies that he thinks he knows how to solve the problem, but that he doesn't have standing before the New York Bankruptcy Court. The questioner identifies himself as Mr. John Dawson, owner of more than $400,000 in Iridium Bonds. Mr. Dawson offers to appoint him as an attorney-in-fact (not as attorney-at-law) concerning the now-worthless bonds, thus providing legal standing necessary to approach the parties.

20 March 2000

Mr. Welty examines the US Bankruptcy Court's public bankruptcy filings to identify the parties of interest and to begin a situation analysis of the Iridium bankruptcy situation. He calls Motorola's national headquarters in Schaumburg, Illinois, and is referred to Donaldson, Luftkin, and Jenrette's (DLJ) San Francisco office. Mr. Welty begins series of discussions with DLJ regarding component elements needed to solve the Iridium bankruptcy. He indicates to DLJ that a written response will be sent to all parties in about a week's time.

18 March 2000

Returning to the southern California area from a meeting of the board of directors of Trinity International Foundation on which he serves, William Welty notices a newspaper article in the Chicago Tribune that documents a New York Bankruptcy Court order permitting destructive de-orbiting of the Iridium constellation of 74 satellites.

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