Rewind: Digging through the WT archives
June 4, 1992: Pentagon to prop up critical defense contractors
The Department of Defense, in what is being heralded as a major policy shift, is considering shoring up specific defense contractors whose supply of products designated as critical to U.S. national security is endangered.
Today, the once-troubled defense industry is helping to shore up Wall Street. June 12, 1997: Iridium increases number of IPO shares
Responding to strong market interest, Iridium World Communications Ltd. has decided to offer 12 million shares of common stock ? two million more than originally planned ? for its initial public offering. The shares are valued at $20 each, which will allow the company to raise $240 million.
In May 1998, the company's stock hit an all-time high of more than $70 per share. In August 1999, the company filed for bankruptcy protection. In December 2000, Iridium Satellite LLC bought the physical assets for $25 million and is now a successful defense contractor.