Funds Hold Iridium Bonds
August 23, 1999
Mutual fund companies holding bonds in satellite telecommunications company Iridium LLC of Washington will now have a problem reconciling their holdings since Iridium filed for bankruptcy in early August.
Capital Access International of Murray Hill, N.J., last week issued a list of the top ten mutual fund companies that hold bonds in Iridium. Its holdings data represented different time periods, some dating back to June 1998.
Four of the ten companies on Capital Access' list said they no longer hold any Iridium bonds. They are: American Express Financial Advisors Inc. of Minneapolis, Lindner Asset Management of Clayton, Mo., Prudential Global Asset Management of Newark, N.J., and Waddell & Reed Investment Management Co. of Shawnee Mission, Kan.
Franklin Advisors of San Mateo, Calif., Northstar Investment Management of Stamford, Conn., Putman Investments of Boston and Salomon Smith Barney of New York did not return phone calls seeking comment. Fidelity Investments of Boston declined to comment.