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Al Gore made the first irridium telephone call. This iridium technology, by placing satellites in orbit, was supposed to revolutionize the way telephone conversations and data were transmitted. When we've got details from John bloom whose new book Eccentric Orbits, The Irridium Story gives us the details of the company's history. I want more details on today's big business news, piem.
Let's go right to Charlie Pellett in the news room with the Bloomberg Business Class, and I think I watch Kathleen. Thank you, Pam. We've got the SMP five hundred index on track for its biggest gain in a month, that index moving within one point four percent of a record. We are brought to you by National Realty Providers of one hundred percent satisfaction guaranteed. New York City Realty investments. See them at n r I A dot net SMP five hundred index up nineteen now gaining nine tenths of
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and Pin Fox on Bloomberg Radio. Irridium. The Irridium satellite system was designed to revolutionize communications around the world. It also revolutionized the determ termination of many people to bring this company into the reality of operation. John Bloom is an author and investigative journalist and he is the author of a new book entitled Eccentric Orbits The Iridium Story. It looks at the development, launch, and bankruptcy of Motorola's
revolutionary satellite system. John Bloom, thank you very much for being with us. Thank you for having me. How did you first become interested in the Iridium story. Well, I met a man named Dan Calusi who was retired in Florida playing golf, and uh had had had been the man who saved the system, but when he told me about it, I've never heard of it. It was the most expensive and complicated engineering project ever done. It was
more complicated than Los alamos Um. It was these autonomous action satellites that functioned like cell towers in the I and it was supposedly was going to make every inch of the planet accessible by phone. So they built it. It worked, It was acclaimed by engineers all over the world. And so I met this guy years years later, and I've never heard of it, And so that's how I
got interested in the in the story. Um, but you know, they plowed through eleven billion dollars in nine months, and so it became so the most extensive engineering project in history became the biggest bankruptcy in the history. Um. It was one year before Enron, so that record didn't last very long. But uh, it was that. That's what that was the original h impetus for the book. There was
something about technology then and technology now. I think that when things go so quickly, you kind of lose track of even you know, we're short spending time how different things were and how far we've come. Well, the system was built by Motorola Corporation, which, in when the system was first conceived, Motorola controlled the whole world in terms of cell phones. They had invented the first cell phone. Uh,
they were the leaders, they controlled of the market. Uh, and they thought this was the next step, because why is the world building cell towers? One to five miles apart throughout the entire planet, or trying to You can't really do it when you could just put cell towers in the sky. And so they thought this was the obvious next generation of UM cell phones. And it worked. But by the time it was finished UM they were going to market it to this elusive creature called the
international business traveler. And the international business traveler needed to be accessible all over the world. And so by the time they finished it, UM the International Business Traveler had a g s M roaming phone that was small, compact, portable and really worked where all the people are in the world. He didn't he didn't need a phone that that, you know, UH went to Antarctica. So UM. So, even though it was the revolutionary system, it was too expensive
and and they went to bankrupt pretty quick. But what what frightened the government is that Motorola just decided to abandon the project and crashed the satellites into the ocean. UM. That's why people remember it. Those those who remember it at all remember it as the biggest flame out in history. And you know, the Motorola's biggest mistake of the of
the nineties. But because of the intervention of this one guy in Florida and Dan Calusi, who was retired but at one time he had run PanAm Airlines and UNC Corporation, and he just said, this is this is a crime. We can't let these things be destroyed. And so he um got involved with the Pentagon, the White House, the Secretary of Defense put together an investment group. What was strange is that any fortune company could have saved the system with just a few pennies, but they all passed
on it. And so he put together this Motley investment group that included Saudi Arabians and the friends of Jesse Jackson venture capital firm in uh in Washington, d C. And they, through enormous efforts and a little luck, they saved the system. Is still flies today and it's still the only one of its kind and likely to be the only one of its kind into the foreseeable future.
Um In in fact, it's going to be used for the next generation of air traffic control, so we don't have any airliners go off the grid anymore and lose them in the ocean. Um So, uh So there's two stories. How Motorola lost the company and how this little group Motley crewe Um saved the company and then this phone became essential in Iraq and Afghanistan for our for our troops. Well, we thank you so very much for joining us today.
A fascinating story written by investigative journalist John bloom and it's brand new Eccentric Orbits, the development launching bankruptcy, and Motorola's revolutionary satellite system a Ridium. We thank you for joining us today. I'm Kafeine Hayes along with Pim Fox. This is taking Stock on Bloomberg Radio. Coming up on taking Stock, We're going to take stock of a new exchange. The ie X Group has got a new exchange and we're going to tell you all about this full fledged stock exchange