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One of the most expensive fireworks displays in history was called off last
week after a buyer was found for the ill-fated $5 billion Iridium
satellite network. A watery grave has been awaiting the 66 satellites, which
were launched in 1997 and 1998, since the company running the network declared
bankruptcy last year. But now a company called Iridium Satellite LLC headed by
Dan Colussy, a former president of Pan American World Airways, has received
permission from the bankruptcy court to buy the satellites for $25
million. The Iridium network’s phone service covered most of the globe, and
although welcomed by governments, scientists and explorers, its bulky headsets
failed to gain wide consumer acceptance.