The early results are in, and so far Iridium is about as on track as an errant orbiter. During the first three months of 1999, the global satellite phone venture signed up merely 7,294 new customers and lost $505 million - and now it's left with only $195 million in the bank. Worse, its high-profile CEO and CFO walked in April. And worse yet, competition arrives this fall from Globalstar. All of which begs the question: What happens to the birds if the company goes belly up? Even the most skeptical analysts don't expect a satellite fire sale - more likely is massive debt restructuring. The good news: The now unworldly $3-a-minute calls should fall back to earth. Ten cents a minute from the Mojave to Manhattan, anyone?
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