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<ACCESSION-NUMBER>0000950103-09-000955
<TYPE>DEFA14A
<PUBLIC-DOCUMENT-COUNT>6
<FILING-DATE>20090428
<DATE-OF-FILING-DATE-CHANGE>20090428
<EFFECTIVENESS-DATE>20090428
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>GHL Acquisition Corp.
<CIK>0001418819
<ASSIGNED-SIC>3669
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEFA14A
<ACT>34
<FILE-NUMBER>001-33963
<FILM-NUMBER>09776333
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>C/O GREENHILL & CO.
<STREET2>300 PARK AVENUE
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
<PHONE>212-389-1500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>C/O GREENHILL & CO.
<STREET2>300 PARK AVENUE
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
</MAIL-ADDRESS>
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<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>dp13285_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
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D.C.&#160;&#160;20549</font></div>
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8-K</font></div>
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REPORT</font></div>
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To Section 13 Or 15(d) of The Securities Exchange Act of 1934</font></div>
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      2009</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
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      <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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OF CONTENTS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Information and Where to Find It</font></div>
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in the Solicitation</font></div>
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Entry into a Material Definitive Agreement</font></div>
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Other Events</font></div>
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9.01&#160;&#160;Financial Statements and Exhibits</font></div>
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TO BE INCLUDED IN THIS REPORT</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THIS
FILING IS BEING MADE WITH RESPECT TO GHL ACQUISITION CORP.&#8217;S (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">GHQ</font>&#8221;) PROPOSED ACQUISITION
(THE &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">ACQUISITION</font>&#8221;) OF
IRIDIUM HOLDINGS LLC (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">IRIDIUM
HOLDINGS</font>&#8221;) AND RELATED TRANSACTIONS.&#160;&#160;IN CONNECTION WITH THESE
PROPOSED TRANSACTIONS, GHQ HAS FILED WITH THE SECURITIES EXCHANGE COMMISSION
(&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">SEC</font>&#8221;) A PRELIMINARY
PROXY STATEMENT AND INTENDS TO MAIL A DEFINITIVE PROXY STATEMENT AND OTHER
RELEVANT DOCUMENTS TO GHQ&#8217;S STOCKHOLDERS.&#160;&#160;THE INFORMATION CONTAINED
IN THIS COMMUNICATION IS NOT COMPLETE AND MAY BE CHANGED.&#160;&#160;BEFORE
MAKING ANY VOTING OR INVESTMENT DECISIONS, GHQ&#8217;S STOCKHOLDERS AND OTHER
INTERESTED PERSONS ARE URGED TO READ GHQ&#8217;S PRELIMINARY PROXY STATEMENT, ANY
AMENDMENTS THERETO, AND, WHEN IT BECOMES AVAILABLE, THE DEFINITIVE PROXY
STATEMENT IN CONNECTION WITH GHQ&#8217;S SOLICITATION OF PROXIES FOR THE SPECIAL
MEETING TO BE HELD TO APPROVE THE ACQUISITION AND ANY OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT IRIDIUM
HOLDINGS, GHQ AND THE ACQUISITION.&#160;&#160;THE DEFINITIVE PROXY STATEMENT
WILL BE MAILED TO GHQ STOCKHOLDERS AS OF A RECORD DATE TO BE ESTABLISHED FOR
VOTING ON THE ACQUISITION.&#160;&#160;STOCKHOLDERS AND OTHER INTERESTED PERSONS
WILL ALSO BE ABLE TO OBTAIN A COPY OF THE PRELIMINARY AND, ONCE IT IS AVAILABLE,
DEFINITIVE PROXY STATEMENTS WITHOUT CHARGE, AT THE SEC&#8217;S WEB SITE AT
HTTP://WWW.SEC.GOV OR BY DIRECTING A REQUEST TO:&#160;&#160;GHL ACQUISITION
CORP., 300 PARK AVENUE, 23RD FLOOR, NEW YORK, NEW YORK, TELEPHONE: (212)
389-1500.</font></div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PARTICIPANTS
IN THE SOLICITATION</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GHQ AND
ITS DIRECTORS AND OFFICERS MAY BE DEEMED TO BE PARTICIPANTS IN THE SOLICITATION
OF PROXIES OF GHQ&#8217;S STOCKHOLDERS IN CONNECTION WITH THE
ACQUISITION.&#160;&#160;A LIST OF THE NAMES OF THOSE DIRECTORS AND OFFICERS AND
A DESCRIPTION OF THEIR INTERESTS IN GHQ IS CONTAINED IN GHQ&#8217;S REPORT ON FORM
10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2008 AND GHQ&#8217;S PRELIMINARY PROXY
STATEMENT WHICH IS FILED WITH THE SEC.&#160;&#160;GHQ&#8217;S STOCKHOLDERS MAY OBTAIN
ADDITIONAL INFORMATION ABOUT THE DIRECT AND INDIRECT INTERESTS OF THE
PARTICIPANTS IN THE ACQUISITION, BY SECURITY HOLDINGS OR OTHERWISE, BY READING
GHQ&#8217;S PROXY STATEMENT AND OTHER MATERIALS FILED OR TO BE FILED WITH THE SEC WHEN
SUCH INFORMATION BECOMES AVAILABLE.</font></div>
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IN THIS COMMUNICATION SHOULD BE CONSTRUED AS, OR IS INTENDED TO BE, A
SOLICITATION FOR OR AN OFFER TO PROVIDE INVESTMENT ADVISORY
SERVICES.</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
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            <hr style="COLOR: black" noshade size="2">
          </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
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        <div>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1.01 Entry into a Material Definitive Agreement</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment to Transaction
Agreement</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
previously reported in the Current Report on Form 8-K dated September 23, 2008
and filed by GHL Acquisition Corp., a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">GHQ</font>&#8221;), with the Securities and
Exchange Commission on September 25, 2008, on September 23, 2008, GHQ announced
that it had entered into a transaction agreement, dated as of September 22, 2008
(as amended, the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Transaction
Agreement</font>&#8221;) with Iridium Holdings LLC, a Delaware limited liability
company (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Iridium
Holdings</font>&#8221;), and the sellers listed on the signature pages thereof
(collectively, the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Sellers</font>&#8221;) to acquire Iridium
Holdings from the Sellers (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Acquisition</font>&#8221;).&#160;&#160;On
April 28, 2009, GHQ, Iridium Holdings and the Sellers&#8217; Committee (as defined in
the Transaction Agreement) entered into an amendment to the Transaction
Agreement (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Amendment</font>&#8221;).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Amendment stipulates, among other things:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
      reduction to the &#8220;Aggregate Stock Consideration&#8221;, as such term is defined
      in the Transaction Agreement from (i) 36,000,000 to 29,443,500 shares of
      GHQ common stock with respect to the Sellers and (ii) 2,29,0000 to
      1,946,500 shares of GHQ common stock with respect to Greenhill &amp; Co.
      Europe Holdings Limited (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Greenhill Europe</font>&#8221;), in
      the event the $22.9 million note issued to Greenhill Europe by Iridium
      Holdings on October 24, 2008 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Note</font>&#8221;) is converted in
      accordance with its terms.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
              </td>
              <td align="right" style="WIDTH: 18pt">
                <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
      reduction of the tax benefits payment to certain Sellers from $30 million
      to $25.5 million in the aggregate, if Iridium Holdings has in effect a
      valid election under Section 754 of the Internal Revenue Code of 1986, as
      amended, 90 days following the closing of the
  Acquisition.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
              </td>
              <td align="right" style="WIDTH: 18pt">
                <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
      change to the Note conversion ratio from Iridium Holdings units into GHQ
      common stock from 27.2866 to
23.1936.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td style="WIDTH: 18pt">
              </td>
              <td align="right" style="WIDTH: 18pt">
                <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
      amendment to the &#8220;End Date&#8221;, as such term is defined in the Transaction
      Agreement changing any reference to &#8220;June 29, 2009&#8221; to &#8220;75 days from April
      28, 2009&#8221;.</font></div>
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            </tr>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of
the Amendment is filed herewith as Exhibit 1.01 and is incorporated by reference
herein.&#160;&#160;The foregoing description does not to purport to be complete
and is qualified in its entirety by reference to the full text of such
Exhibit.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Letter
Agreement</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
28, 2008, GHQ entered into a letter agreement (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Second Letter Agreement</font>&#8221;) with
Greenhill &amp; Co., Inc. (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Greenhill</font>&#8221;) whereby, in
addition to private placement warrants Greenhill had agreed to forfeit pursuant
to the Letter Agreement entered into by GHQ and Greenhill on September 22, 2008,
Greenhill has now agreed to forfeit, at the closing of the Acquisition, an
additional 2.0 million private placement warrants.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of
the Second Letter Agreement is filed herewith as Exhibit 1.02 and is
incorporated by reference herein.&#160;&#160;The foregoing description does not
to purport to be complete and is qualified in its entirety by reference to the
full text of such Exhibit.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
8.01&#160;&#160;Other Events</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
28, 2009, GHQ issued a press release with respect to its entry into the
Amendment. The press release is attached hereto as Exhibit 99.1 and is
incorporated into this Item 8.01 by reference.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.01&#160;&#160;Financial Statements and Exhibits</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
Exhibits.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
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        <div>&#160;</div>
      </div>
      <div style="MARGIN-LEFT: 18pt">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="top" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.01</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amendment
      to Transaction Agreement, dated April 28, 2009</font></div>
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            </tr>
            <tr>
              <td align="left" valign="top" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.02</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Letter
      Agreement, dated April 28, 2009</font></div>
              </td>
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            <tr>
              <td align="left" valign="top" width="4%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Press
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            </tr>
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      <div>&#160;</div>
      <div>&#160;</div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td colspan="2" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="3" valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">GHL
      Acquisition Corp.</font></div>
            </td>
            <td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" colspan="3" valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="26%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" colspan="3" valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="6%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:</font></div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">April
      28, 2009</font></div>
            </td>
            <td valign="top" width="25%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
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            <td colspan="2" valign="top" width="30%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Harold J. Rodriguez, Jr.</font></div>
            </td>
            <td valign="top" width="15%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:</font></div>
            </td>
            <td align="left" valign="top" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Harold
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          </tr>
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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      Financial Officer</font></div>
            </td>
            <td align="left" valign="top" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
INDEX</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="left">
        <table cellpadding="1" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Number</font></div>
              </td>
              <td valign="bottom" width="85%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">EX-1.01</font></div>
              </td>
              <td align="left" valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amendment
      to Transaction Agreement, dated April 28, 2009</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">EX-1.02</font></div>
              </td>
              <td align="left" valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Letter
      Agreement, dated April 28, 2009</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">EX-99.1</font></div>
              </td>
              <td align="left" valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Press
      Release, dated April 28, 2009</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center">5</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>

      <div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>dp13285_ex0101.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<html>
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    <div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
1.01</font></div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AMENDMENT
TO TRANSACTION AGREEMENT</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
AMENDMENT (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment</font>&#8221;),
dated as of April 28, 2009, to the Transaction Agreement, dated as of September
22, 2008 (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agreement</font>&#8221;),
among Iridium Holdings LLC, a Delaware limited liability company (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Company</font>&#8221;),
GHL Acquisition Corp., a Delaware corporation (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Parent</font>&#8221;),
and the Sellers&#8217; Committee (as defined in the Agreement).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">W
I T N E S S E T H:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
Section 12.02 of the Agreement permits the parties to amend the Agreement by an
instrument in writing and signed by Parent, the Company and the Sellers&#8217;
Committee; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
the parties desire to amend the Agreement as provided herein.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOW,
THEREFORE, the parties hereto agree as follows:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">ARTICLE
1</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DEFINITIONS</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Section
1.01.</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Definitions</font></font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.&#160;Unless
otherwise specifically defined herein, each capitalized term used but not
defined herein shall have the meaning assigned to such term in the
Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">ARTICLE
2</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AMENDMENT
TO AGREEMENT</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Section
2.01.</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Amendment
to Section 1.01 of the Agreement</font>.&#160;The definition of &#8220;Aggregate Stock
Consideration&#8221; shall be amended and restated as follows:</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aggregate
Stock Consideration</font>&#8221; means (i) with respect to the Sellers (other than
the Greenhill Noteholder), 29,443,500 shares of Parent Stock and (ii) with
respect to the Greenhill Noteholder, assuming the Convertible Note has been
issued prior to the Closing and is being converted in connection therewith,
1,946,500 shares of Parent Stock in accordance with Section 6.08.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Section
2.02.</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Amendment
to Section 2.04(a) of the Agreement</font>.&#160;Section 2.04(a) of the
Agreement is hereby amended by deleting &#8220;$30 million&#8221; and replacing it with
&#8220;$25.5 million&#8221;.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Section
2.03.</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Amendment
to Section 6.08</font>.&#160;Section 6.08 of the Agreement is hereby amended by
deleting &#8220;27.2866&#8221; and replacing it with &#8220;23.1936&#8221;.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Section
2.04.</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Amendment
to Section 11.01(b)</font>.&#160;Section 11.01(b) of the Agreement is hereby
amended by deleting &#8220;June 29, 2009&#8221; and replacing it with &#8220;75 days from April
28, 2009&#8221;, in both instances.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
        <div id="HDR">
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        <div>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Section
2.05.</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Amendment
to Exhibit A</font>.&#160;Exhibit A to the Agreement is hereby deleted in its
entirety and shall be replaced by Exhibit A attached
hereto.&#160;&#160;Notwithstanding the forgoing, Parent shall not unreasonably
object to any amended Exhibit A delivered by the Sellers&#8217; Committee at least 20
Business Days prior to the Closing Date, if such amended Exhibit A is not
adverse to Parent, does not contemplate any change to the Aggregate Cash
Consideration or the Aggregate Stock Consideration and does not create any risk
of delay to the transactions contemplated under the
Agreement.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Section
2.06.</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Amendment
to Schedule 7.01 of the Parent Disclosure Schedules</font>.&#160;Schedule 7.01
of the Parent Disclosure Schedules is hereby amended by deleting Item 1 in its
entirety and replacing it with &#8220;None&#8221;.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Section
2.07.</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Amendment
to Schedule 8.06(a) of the Company Disclosure Schedules</font>.&#160;Schedule
8.06(a) is hereby amended by deleting &#8220;Admiral Dennis Blair&#8221; and replacing it
with &#8220;An individual to be named by Baralonco N.V. prior to Closing (who shall be
reasonably satisfactory to Parent).&#8221;</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Section
2.08.</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Continuing
Effect; No Other Waivers or Amendments</font>.&#160;Except as modified by this
Amendment, the Agreement and all the covenants, agreements, terms, provisions
and conditions thereof shall remain unchanged and in full force and
effect.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Section
2.09.</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Counterparts</font>.&#160;This
Amendment may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon
the same instrument.&#160;&#160;This Agreement shall become effective when each
party hereto shall have received a counterpart hereof signed by the other party
hereto.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Section
2.10.</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Governing
Law</font>.&#160;This Amendment shall be governed by and construed in accordance
with the law of the State of Delaware, without regard to the conflicts of law
rules of such state.</font></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">The
remainder of this page has been intentionally left blank</font>]</font></div>
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WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their respective authorized officers as of the day and year first
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<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>dp13285_ex0102.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
<html>
  <head>
    <title></title>
    </head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 5%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5%; FONT-FAMILY: Times New Roman">
    <div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
1.02</font></div>
    <div style="TEXT-ALIGN: right">
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Greenhill
&amp; Co., Inc.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">300
Park Avenue</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
York, NY 10022</font><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
April 28, 2009</font></div>
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          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GHL
Acquisition Corp.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">300 Park
Avenue</font></div>
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NY 10022</font></div>
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          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Iridium
Holdings LLC</font></div>
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Democracy Boulevard, Suite 300</font></div>
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MD 20817</font></div>
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          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ladies
and Gentlemen:</font></div>
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          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; COLOR: #000000">Reference is made to (i) the letter
agreement, dated September 22, 2008, among Greenhill &amp; Co., Inc., GHL
Acquisition Corp. (the &#8220;Company&#8221;) and Iridium Holdings LLC (the &#8220;First Letter
Agreement&#8221;) and (ii) the Transaction Agreement, dated September 22, 2008, among
the Company, Iridium Holdings LLC and the sellers listed on the signature pages
thereto, as amended on the date hereof (the &#8220;Transaction
Agreement&#8221;).</font></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; COLOR: #000000">In addition to the forfeitures pursuant
to the First Letter Agreement, subject to and simultaneously with the closing
under the Transaction Agreement, Greenhill &amp; Co., Inc. will forfeit an
additional 2,000,000 warrants </font>of the Company originally purchased in a
private placement consummated on February 21, 2008<font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In the event that the
Transaction Agreement is terminated in accordance with its terms, this letter
agreement shall terminate immediately and have no further force or
effect.</font></font></div>
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by and construed in accordance with the law of the State of Delaware, without
regard to the conflicts of law rules of such state.&#160;&#160;This letter
agreement may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon
the same instrument.</font></div>
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follows</font>]</font></div>
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              </div>
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reflects our understanding and agreement with respect to the foregoing matters,
please so confirm by signing and returning the enclosed copy of this letter
agreement.</font></font></div>
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and Acknowledged as of this 28<font style="DISPLAY: inline; FONT-SIZE: 8pt; VERTICAL-ALIGN: super; FONT-FAMILY: Times New Roman">th</font>
day of April, 2009:</font></div>
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                <td width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              </tr>
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                <td width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:</font></td>
                <td width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Scott
      L. Bok</font></td>
                <td width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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                  <td colspan="3" width="64%">
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                  <td colspan="2" width="56%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
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                  <td width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>dp13285_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    </head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 5%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5%; FONT-FAMILY: Times New Roman">
    <div>&#160;</div>
    <div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
99.1</font></div>
    <div>
    </div>
    <div>&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="50%"><img src="ghl_logo.jpg" alt=""></td>
            <td valign="bottom" width="50%">
              <div style="TEXT-ALIGN: right"><img src="iridium_logo.jpg" alt=""></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <div>
        <hr style="COLOR: #d96c00" align="left" noshade size="3" width="100%">
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    <div>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Verdana, sans-serif"><font style="DISPLAY: inline; COLOR: #105b54">N</font><font style="DISPLAY: inline; COLOR: #105b54">ews Release</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">GHL
ACQUISITION CORP. AND IRIDIUM HOLDINGS LLC</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">ANNOUNCE
AMENDMENT TO TRANSACTION AGREEMENT</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
      <div>
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            <tr valign="top">
              <td style="WIDTH: 18pt">
              </td>
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">n&#160;&#160;</font></div>
              </td>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transaction
      Cost to GHL Acquisition Reduced by 15% to Reflect Changes in Market
      Valuation Levels Since Transaction
Announcement</font></div>
              </td>
            </tr>
        </table>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <tr valign="top">
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              </td>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Iridium
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      the Face of Weak Global Economy</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NEW YORK,
NY and BETHESDA, MD, April 28, 2009 &#8211; GHL Acquisition Corp. [NYX: GHQ] (&#8220;GHL
Acquisition&#8221;) and Iridium Holdings LLC (&#8220;Iridium&#8221; or the &#8220;Company&#8221;), a leading
provider of voice and data mobile satellite services, today jointly announced
the signing of an amendment to the definitive agreement under which they plan to
combine. Under the terms of the amendment, the aggregate consideration payable
by GHL Acquisition to Iridium&#8217;s existing shareholders will be reduced by 15%, a
reflection of the changes in market valuation levels since the transaction was
announced in September 2008.&#160;&#160;The amended agreement, unanimously
approved by the Board of Directors of GHL Acquisition and Iridium as well as
Iridium&#8217;s major shareholders, values Iridium at an enterprise value of
approximately $517.3 million<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super"><a href="#ref.ID0EHH">1</a></font>.</font></div>
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Bok, Chief Executive Officer of GHL Acquisition, said: &#8220;We continue to believe
Iridium will be a great investment for us, and the Company&#8217;s guidance today
makes clear that the price reduction is a function of lower equity market
valuations rather than any disappointments relative to the Company&#8217;s strong
record of growth and profitability. The new purchase price negotiated with
Iridium&#8217;s current shareholders takes into consideration the decline in global
markets since the transaction was announced in September 2008, and allows the
Company to retain a slightly larger cash balance post-transaction, reflecting
both lower equity market valuations generally and our desire to reduce the
Company&#8217;s needs for future outside financing.&#160;&#160;With the amendments to
our transaction agreement announced today, we believe the pro forma fully
distributed valuation of our combined company is even more attractive relative
to Iridium&#8217;s closest comparables.&#8221;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Desch, Chief Executive Officer of Iridium, said: &#8220;Considering the current
economic backdrop, Iridium&#8217;s growth and profitability are a testament to the
Company&#8217;s business model and mission-critical position with its
customers.&#160;&#160;We anticipate that our subscriber base will experience
growth of approximately 20% this year.&#160;&#160;&#160;We also anticipate
strong growth in commercial and government service revenues that will be
partially offset by a decline in equipment sales, resulting in total revenue
growth in the low single digits over</font></div>
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                <tr>
                  <td valign="bottom" width="50%"><img src="ghl_logo.jpg" alt=""></td>
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                </tr>
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            <div>
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          <div>&#160;</div>
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year 2008.&#160;&#160;This, combined with our largely fixed cost business model,
is expected to result in Operational EBITDA for the full year 2009 of between
$120 and $130 million, implying a growth rate of between 11% and 20% over the
full year 2008.&#160;&#160;With these strong results and the amendments to the
transaction agreement announced today, we believe Iridium is better positioned
than ever to complete the planned transaction and continue its impressive growth
trajectory.&#8221;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Separately,
Greenhill &amp; Co. agreed to forfeit 2.0 million additional warrants purchased
by it from GHL Acquisition in a private placement concurrently with GHL
Acquisition&#8217;s IPO.&#160;&#160;In addition, GHL Acquisition has withdrawn its
plan to launch a tender offer for GHL Acquisition shares concurrent with closing
of the combination with Iridium.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Details
of the Amended Transaction</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
amended terms of the transaction:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td style="WIDTH: 9pt">
              </td>
              <td align="right" style="WIDTH: 36pt">
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#167;&#160;</font></div>
              </td>
              <td>
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      transaction values Iridium at an enterprise value of approximately $517.3
      million<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">i</font>.</font></div>
              </td>
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      </div>
      <div>
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            <tr valign="top">
              <td style="WIDTH: 9pt">
              </td>
              <td align="right" style="WIDTH: 36pt">
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              </td>
              <td>
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      shareholders of Iridium will receive $77.1 million of cash and
      approximately 29.4 million common shares upon completion of the
      transaction.&#160;&#160;Additionally, after closing of the transaction,
      current shareholders of Iridium will receive a $25.5 million payment for
      facilitating a step-up in the tax basis of Iridium&#8217;s assets, resulting in
      future tax savings for the Company.</font></div>
              </td>
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      <div>
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            <tr valign="top">
              <td style="WIDTH: 9pt">
              </td>
              <td align="right" style="WIDTH: 36pt">
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#167;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Remaining
      cash held in trust will be available to retire Iridium&#8217;s current net
      indebtedness of approximately $145.8 million, pay transaction-related
      expenses including deferred compensation to GHL Acquisition&#8217;s
      underwriters, and be used by Iridium for general corporate purposes and
      capital expenditures.</font></div>
              </td>
            </tr>
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      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td style="WIDTH: 9pt">
              </td>
              <td align="right" style="WIDTH: 36pt">
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#167;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Greenhill
      &amp; Co.&#8217;s $22.9 million pre-completion investment in Iridium will be
      convertible into approximately 1.9 million GHL Acquisition
      shares.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td style="WIDTH: 9pt">
              </td>
              <td align="right" style="WIDTH: 36pt">
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#167;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Post-transaction
      and after the Greenhill &amp; Co. forfeitures described below, GHL
      Acquisition will have approximately 78.4 million shares and 44.1 million
      warrants outstanding, assuming no GHL Acquisition public shareholders vote
      against the transaction and elect conversion.&#160;&#160;In the case that
      30% of GHL Acquisition&#8217;s current public shareholders vote against the
      transaction and elect conversion, approximately 68.4 million shares and
      44.1 million warrants will be
outstanding.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Completion
of the transaction is subject to Federal Communications Commission approval, GHL
Acquisition stockholder approval and other customary closing conditions, and is
expected to occur this summer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
Forfeitures by Greenhill &amp; Co.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effective
upon completion of the transaction, Greenhill &amp; Co. has agreed to forfeit
the following GHL Acquisition securities which it currently owns: (1) 1,441,176
common shares; (2) 8,369,563 founder warrants; and (3) 4,000,000 private
placement warrants.&#160;&#160;These forfeitures will reduce the combined
company&#8217;s shares and warrants outstanding immediately post-closing.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div>&#160;</div>
        <div align="center">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td valign="bottom" width="50%"><img src="ghl_logo.jpg" alt=""></td>
                <td valign="bottom" width="50%">
                  <div style="TEXT-ALIGN: right"><img src="iridium_logo.jpg" alt=""></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <div>
            <hr style="COLOR: #d96c00" align="left" noshade size="3" width="100%">
          </div>
        </div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Necessary
Steps for Consummation of the Transaction</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GHL
Acquisition cannot complete the transaction unless (1) a majority of the shares
issued in the initial public offering cast at the Special Stockholders&#8217; Meeting,
to be scheduled, are voted in favor of the transaction; (2) holders of no more
than 11,999,999 shares of common stock (such number representing 30 percent
minus one share of the 40,000,000 shares of GHL Acquisition issued in the
initial public offering) vote against the transaction and validly exercise their
conversion rights to have their shares converted into cash; and (3) certain
other customary conditions are satisfied.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
provided in GHL Acquisition&#8217;s certificate of incorporation, each holder of GHL
Acquisition&#8217;s common stock has the right to convert such holder&#8217;s shares into
cash if such holder votes against the transaction, validly exercises such
holder&#8217;s conversion rights and the transaction is approved and
completed.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GHL
Acquisition&#8217;s initial stockholders have agreed to vote the 8,500,000 shares they
already own, which were issued to them prior to GHL Acquisition&#8217;s initial public
offering, in accordance with the vote of the holders of a majority of the shares
issued in the initial public offering.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Conference
Call Information</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GHL
Acquisition and Iridium will host a conference call for analysts, investors and
other interested parties on Wednesday, April 29, 2009, at 9:30 a.m. Eastern Time
(ET) to discuss the transaction.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
participate, please call the toll-free number 866-481-9047 (U.S. callers only)
or, from outside the U.S., 706-902-1870. The passcode for the live call is
97492335.&#160;&#160;For those unable to participate in the live call, a replay
of the call will be available for 30 days toll-free at 800-642-1687 (U.S.
callers only), or at 706-645-9291 (callers outside the U.S.). The passcode for
the replay is 97492335.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
Facts about Iridium Holdings LLC</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Iridium
Holdings LLC, of which Iridium Satellite LLC (www.iridium.com) is the primary
subsidiary, is the only mobile satellite service (MSS) company offering coverage
over the entire globe. The Iridium constellation of low-earth orbiting (LEO),
cross-linked satellites provides critical voice and data services for areas not
served by terrestrial communication networks. Iridium&#8217;s subscriber growth has
been driven by increasing demand for reliable, global communications. Iridium
serves commercial markets through a worldwide network of hundreds of
distributors, and provides services to the U.S. Department of Defense, and other
U.S. and international government agencies. The company&#8217;s customers represent a
broad spectrum of industry, including maritime, aeronautical,
government/defense, public safety, utilities, oil/gas, mining, forestry, heavy
equipment and transportation. Iridium has launched a major development program
for its next-generation satellite constellation, Iridium NEXT, which will result
in continued and new Iridium MSS offerings. The company is headquartered in
Bethesda, Md. and is currently privately held.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
        <div>&#160;</div>
        <div align="center">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td valign="bottom" width="50%"><img src="ghl_logo.jpg" alt=""></td>
                <td valign="bottom" width="50%">
                  <div style="TEXT-ALIGN: right"><img src="iridium_logo.jpg" alt=""></div>
                </td>
              </tr>
          </table>
        </div>
        <div>
          <div>
            <hr style="COLOR: #d96c00" align="left" noshade size="3" width="100%">
          </div>
        </div>
        <div>&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
GHL Acquisition Corp.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GHL
Acquisition Corp. is a special purpose acquisition company, launched in February
2008 in an initial public offering raising $400 million of gross proceeds.
Founded by Greenhill &amp; Co., Inc., GHL Acquisition was formed for the purpose
of acquiring, or acquiring control of, through a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business
combination, one or more businesses or assets. It currently has no operating
businesses.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
Greenhill &amp; Co., Inc.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Greenhill
&amp; Co., Inc. (http://www.greenhill.com) is a leading independent investment
bank that provides financial advice on significant mergers, acquisitions and
restructurings; assists private funds in raising capital from investors; and
manages merchant banking funds.&#160;&#160;It acts for clients located
throughout the world from its offices in New York, London, Frankfurt, Tokyo,
Toronto, Chicago, Dallas and San Francisco.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-GAAP
Financial Measures</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition to disclosing financial results that are determined in accordance with
US GAAP, Iridium discloses Operational EBITDA, which is a non-GAAP financial
measure and management believes it is the most comparable measure to GAAP net
income.&#160;&#160;Operational EBITDA represents earnings before interest;
income taxes; depreciation and amortization; Iridium NEXT (second-generation
system development) revenue and expenses; and expenses associated with the
proposed transaction with GHL Acquisition.&#160;&#160;Additionally, Operational
EBITDA does not include the impact of purchase accounting and other
transaction-related adjustments that will be reflected in post-transaction
performance.&#160;&#160;Operational EBITDA does not represent and should not be
considered an alternative to GAAP measurements, such as net income, and the
Company&#8217;s calculations thereof may not be comparable to similarly entitled
measures reported by other companies.&#160;&#160;Management uses Operational
EBITDA to manage the Company&#8217;s business including preparation of its annual
operating budget, financial projections and compensation plans.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company uses Operational EBITDA as a supplemental measure for operating
performance because, by eliminating interest, taxes, depreciation and
amortization, transaction expenses and Iridium NEXT revenue and expenses, the
Company believes it is a useful measure across time in evaluating the Company&#8217;s
performance. The Company believes that Operational EBITDA is also useful to
investors because like measures are frequently used by securities analysts,
investors and other interested parties in their evaluation of companies in
similar industries. As indicated, Operational EBITDA does not include interest
expense on borrowed money or depreciation expense on the Company&#8217;s capital
assets or the payment of income taxes, which are necessary elements of the
Company&#8217;s operations. Because Operational EBITDA does not account for these
expenses, its utility as a measure of the Company&#8217;s operating performance has
material limitations. Because of these limitations, the Company&#8217;s management
does not view Operational EBITDA in isolation and also uses other measurements,
such as net income, revenues and operating profit, to measure operating
performance. Iridium&#8217;s calculations of Operational EBITDA may also differ from
the calculation of Operational EBITDA or like measures by its competitors and
other companies and, as such, their utility as comparative measures is
limited.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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          </div>
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        <div>
          <div>&#160;</div>
          <div align="center">
            <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
                <tr>
                  <td valign="bottom" width="50%"><img src="ghl_logo.jpg" alt=""></td>
                  <td valign="bottom" width="50%">
                    <div style="TEXT-ALIGN: right"><img src="iridium_logo.jpg" alt=""></div>
                  </td>
                </tr>
            </table>
          </div>
          <div>
            <div>
              <hr style="COLOR: #d96c00" align="left" noshade size="3" width="100%">
            </div>
          </div>
          <div>&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Forward-Looking
Statements</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
communication contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. The words &#8220;anticipates&#8221;, &#8220;may&#8221;, &#8220;can&#8221;,
&#8220;believes&#8221;, &#8220;expects&#8221;, &#8220;projects&#8221;, &#8220;intends&#8221;, &#8220;likely&#8221;, &#8220;will&#8221;, &#8220;to be&#8221; and
other expressions that are predictions of or indicate future events, trends or
prospects and which do not relate to historical matters identify forward-looking
statements.&#160;&#160;These forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of GHL Acquisition Corp. (&#8220;GHL
Acquisition&#8221;) and/or Iridium Holdings LLC (&#8220;Iridium&#8221;) to differ materially from
any future results, performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of historical
fact are statements that could be deemed forward-looking
statements.&#160;&#160;These risks and uncertainties include, but are not
limited to, uncertainties regarding the timing of the proposed transaction with
Iridium, whether the estimates will be achieved, whether the transaction will be
approved by GHL Acquisition&#8217;s stockholders, whether the closing conditions will
be satisfied (including receipt of regulatory approvals), as well as industry
and economic conditions, competitive, legal, governmental and technological
factors.&#160;&#160;There is no assurance that GHL Acquisition&#8217;s or Iridium&#8217;s
expectations will be realized.&#160;&#160;If one or more of these risks or
uncertainties materialize, or if our underlying assumptions prove incorrect,
actual results may vary materially from those expected, estimated or
projected.&#160;&#160;Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date
hereof.&#160;&#160;Except for our ongoing obligations to disclose material
information under the Federal securities laws, we undertake no obligation to
release publicly any revisions to any forward-looking statements, to report
events or to report the occurrence of unanticipated events.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
Information and Where To Find It</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
communication is being made with respect to a proposed acquisition and related
transactions involving GHL Acquisition and Iridium.&#160;&#160;In connection
with these proposed transactions, GHL Acquisition has filed with the SEC a
preliminary proxy statement (which it expects to amend shortly to reflect the
revised terms of the transaction) and to mail a definitive proxy statement and
other relevant documents to GHL Acquisition&#8217;s stockholders.&#160;&#160;The
information contained in this communication is not complete and may be
changed.&#160;&#160;Before making any voting or investment decisions, GHL
Acquisition&#8217;s stockholders and other interested persons are urged to read, when
it becomes available, GHL Acquisition&#8217;s preliminary proxy statement, and any
amendments thereto, and the definitive proxy statement in connection with GHL
Acquisition&#8217;s solicitation of proxies for the special meeting to be held to
approve the acquisition and any other relevant documents filed with the SEC
because they will contain important information about Iridium, GHL Acquisition
and the proposed transactions.&#160;&#160;The definitive proxy statement will be
mailed to GHL Acquisition stockholders as of a record date to be established for
voting on the proposed acquisition.&#160;&#160;Stockholders and other interested
persons will also be able to obtain a copy of the preliminary and definitive
proxy statements once they are available, without charge, at the SEC&#8217;s web site
at http://www.sec.gov or by directing a request to:&#160;&#160;GHL Acquisition
Corp., 300 Park Avenue, 23rd Floor, New York, New York, telephone: (212)
372-4180.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div>
          <div>&#160;</div>
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                  <td valign="bottom" width="50%">
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                  </td>
                </tr>
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          <div>
            <div>
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            </div>
          </div>
          <div>&#160;</div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Participants
in the Solicitation</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GHL
Acquisition and its directors and officers may be deemed to be participants in
the solicitation of proxies to GHL Acquisition&#8217;s stockholders in connection with
the acquisition.&#160;&#160;A list of the names of those directors and officers
and a description of their interests in GHL Acquisition is contained in GHL
Acquisition&#8217;s report on Form 10-K for the fiscal year ended December 31, 2008,
which is filed with the SEC, and will also be contained in GHL Acquisition&#8217;s
proxy statement when it becomes available.&#160;&#160;GHL Acquisition&#8217;s
stockholders may obtain additional information about the direct and indirect
interests of the participants in the acquisition, by security holdings or
otherwise, by reading GHL Acquisition&#8217;s proxy statement and other materials to
be filed with the SEC when such information becomes available.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nothing
in this communication should be construed as, or is intended to be, a
solicitation for or an offer to provide investment advisory
services.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Contacts</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">
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          <table cellpadding="0" cellspacing="0" width="100%">
              <tr>
                <td align="left" valign="top" width="30%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">For
      GHL Acquisition Corp.</font></div>
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                <td align="left" valign="top" width="70%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">For
      Iridium</font></div>
                </td>
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                <td align="left" valign="top" width="30%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td align="left" valign="top" width="70%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              </tr>
              <tr>
                <td align="left" valign="top" width="30%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">James
      Babski</font></div>
                </td>
                <td align="left" valign="top" width="70%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Liz
      DeCastro</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="30%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">GHL
      Acquisition Corp.</font></div>
                </td>
                <td align="left" valign="top" width="70%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Iridium</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="30%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">212-372-4180</font></div>
                </td>
                <td align="left" valign="top" width="70%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">301-571-6257</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="30%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #0000ff">jbabski@greenhill.c</font><font style="DISPLAY: inline; COLOR: #0000ff">om</font></font></div>
                </td>
                <td align="left" valign="top" width="70%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #0000ff; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #0000ff">liz.decastro@iridium.com</font></font></div>
                </td>
              </tr>
          </table>
        </div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jeffrey
Taufield</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kekst and
Company</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">212-521-4800</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #0000ff; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Jeffrey-taufield@kekst.com</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">1</font>
Enterprise value is calculated as $77.1 million of cash to Iridium holders plus
$294.4 million of GHL Acquisition shares (valued at $10.00 per share) to Iridium
holders plus Iridium net indebtedness of $145.8 million as of December 31, 2008
(including $22.9 million Greenhill note).</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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end
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</DOCUMENT>
</SUBMISSION>
