HotJump! says it will save Iridium

NEWS An unlikely contender has stepped in at the eleventh hour to save satellite phone and paging company Iridium. HotJump!, an Internet messaging and marketing portal, claims it intends to buy the failed Iridium venture for an undisclosed sum. In a statement HotJump! said the acquisition would enable it to provide high-speed access to data messaging and distribution for both residential and corporate users. However, Tim Sheedy, analyst at IDC, believes the bid is little more than a publicity stunt on the part of the Internet company. "I'm sure it has good intentions but I suspect it is hoping to get Iridium for a better price than it is realistically going to get it for," he said. "All the funding has dropped out of the Satellite market - I can't see this being a serious offer."