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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950103-09-000977.txt : 20090430
<SEC-HEADER>0000950103-09-000977.hdr.sgml : 20090430
<ACCEPTANCE-DATETIME>20090429210457
ACCESSION NUMBER:		0000950103-09-000977
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090430
DATE AS OF CHANGE:		20090429
EFFECTIVENESS DATE:		20090430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GHL Acquisition Corp.
		CENTRAL INDEX KEY:			0001418819
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMUNICATIONS EQUIPMENT, NEC [3669]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33963
		FILM NUMBER:		09780770

	BUSINESS ADDRESS:	
		STREET 1:		C/O GREENHILL & CO.
		STREET 2:		300 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-389-1500

	MAIL ADDRESS:	
		STREET 1:		C/O GREENHILL & CO.
		STREET 2:		300 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>dp13299_8k.htm
<DESCRIPTION>FORM 8-K
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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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      389-1500</font></font></div>
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      name or former address, if changed since last report)</font></div>
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          <tr>
            <td colspan="3" valign="top" width="100%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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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><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">o</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 18pt">
                <div>
                </div>
              </td>
              <td style="WIDTH: 18pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">x</font></font></font></div>
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              <td>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      </font>material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 18pt">
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                  </div>
                </td>
                <td style="WIDTH: 18pt">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">o</font></font></div>
                </td>
                <td>
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                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
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          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div>
            <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
                <tr valign="top" style="LINE-HEIGHT: 1.25;">
                  <td style="WIDTH: 18pt">
                    <div>
                    </div>
                  </td>
                  <td style="WIDTH: 18pt">
                    <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">o</font></font></div>
                  </td>
                  <td>
                    <div align="left">
                      <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div>
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                  </td>
                </tr>
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          <div>&#160;</div>
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OF CONTENTS</font></div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Information and Where to Find It</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; 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; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 8.01
Other Event</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.01&#160;&#160;Financial Statements and Exhibits</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INFORMATION
TO BE INCLUDED IN THIS REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><a name="premiere"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORWARD-LOOKING
STATEMENTS</font></a></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GHQ</font>&#8221;)
and/or Iridium Holdings LLC (&#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Iridium
Holdings</font>&#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 Holdings, whether the transaction will be
approved by GHQ&#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 GHQ&#8217;s or Iridium Holdings&#8217;
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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ADDITIONAL
INFORMATION AND WHERE TO FIND IT</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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 GHQ&#8217;S&#160;PROPOSED ACQUISITION (THE &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">ACQUISITION</font>&#8221;) OF IRIDIUM
HOLDINGS&#160;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>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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">2</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>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
8.01 Other Event</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April
29, 2009, GHL Acquisition Corp. (&#8220;GHQ&#8221;) and Iridium Holdings LLC (&#8220;Iridium
Holdings&#8221;) hosted a conference call at 9:30 a.m. Eastern Time (ET) to discuss
the transactions contemplated by the Transaction Agreement dated September 22,
2008 among GHQ, Iridium Holdings and the other parties named therein, as amended
on April 28, 2009.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; 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; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 18pt">
                <div>
                </div>
              </td>
              <td align="right" style="WIDTH: 36pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Script
      of conference call held by GHQ and Iridium Holdings on April 29,
      2009</font></font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; 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; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td colspan="2" valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="3" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">GHL
      Acquisition Corp.</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" colspan="3" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" colspan="3" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" nowrap valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;&#160;
      </font></div>
            </td>
            <td align="left" valign="top" width="36%" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">April
      29, 2009</font></div>
            </td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" nowrap valign="top" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:&#160;
      </font></div>
            </td>
            <td align="left" colspan="2" valign="top" width="48%" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" nowrap valign="top" width="4%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:&#160;
      </font></div>
            </td>
            <td align="left" valign="top" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Harold
      J. Rodriguez, Jr.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%">
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            </td>
            <td align="left" valign="top" width="44%">
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      Financial Officer</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></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">4</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>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="10%" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
      Number</font></div>
            </td>
            <td valign="middle" width="90%" style="BORDER-BOTTOM: #000000 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" 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="90%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Script
      of conference call held by GHQ and Iridium Holdings on April 29,
      2009</font></div>
            </td>
          </tr>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dp13299_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div>&#160;</div>
    <div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit&#160;
99.1</font><a name="premiere" /></div>
    <div style="TEXT-ALIGN: left">
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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: 12pt; FONT-FAMILY: Times New Roman">GHL
ACQUISITION CORP.</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-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">April
29, 2009</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-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">9:30AM
ET</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Good
      morning, my name is Tamara and I will be your conference operator
      today.&#160;&#160;At this time, I would like to welcome everyone to the
      GHL Acquisition Corp. investor call.&#160;&#160;All lines have been placed
      on mute to prevent any background noise.&#160;&#160;After the speaker&#8217;s
      remarks, there will be a question-and-answer session.&#160;&#160;If you
      would like to ask a question during this time, simply press star then the
      number one on your telephone keypad.&#160;&#160;If you would like to
      withdraw your question, press the pound key.&#160;&#160;Thank
      you.&#160;&#160;Mr. Babski, you may begin your
  conference.</font></div>
              </td>
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        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">James
      Babski:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank
      you, Operator.&#160;&#160;Before I review the structure of this morning&#8217;s
      call I&#8217;d like to read the Safe Harbor statement.&#160;&#160;This
      conference call could contain forward-looking statements about GHL
      Acquisition Corp. or Iridium Satellite LLC within the meaning of the
      Private Securities Litigation Reform Act of
      1995.&#160;&#160;Forward-looking statements are statements that are not
      historical fact.&#160;&#160;Such forward-looking statements are based upon
      the current belief and expectations of the management of GHL Acquisition
      Corp. and/or Iridium Satellite and are subject to risks and uncertainties
      which could cause the actual results to differ from the forward-looking
      statements.</font></div>
              </td>
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        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Such
      risks are more fully disclosed in GHL Acquisition Corp.&#8217;s filings with the
      SEC.&#160;&#160;The information set forth here in should be considered in
      light of such risks.&#160;&#160;Neither GHL Acquisition Corp. nor Iridium
      Satellite assume any obligation to update the information contained in
      this conference call.&#160;&#160;I&#8217;d now like to turn the floor over to
      Scott Bok, CEO of GHL Acquisition Corp.,
</font></div>
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        <div>&#160;</div>
      </div>
      <div align="center">
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              <td style="WIDTH: 90pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">who will discuss the
      amendment to the transaction agreement we signed yesterday evening and
      give you an update of where we stand with the merger.</font></font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 90pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Then,
      we&#8217;ll hear from Matt Desch, Iridium Satellite&#8217;s CEO who will provide a
      brief update on Iridium&#8217;s business and finally we&#8217;ll take your
      questions.&#160;&#160;Now, I&#8217;ll turn it over to Scott
  Bok.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Scott
      Bok:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank
      you, James.&#160;&#160;And good morning to all of you on the
      line.&#160;&#160;It&#8217;s a pleasure to speak to you this morning and provide
      an update on our transaction with Iridium.&#160;&#160;As we announced
      yesterday evening, we&#8217;ve entered into an amendment to our transaction
      agreement with Iridium in which we&#8217;ve meaningfully reduced the price of
      which GHQ will acquire the company.&#160;&#160;This purchase price
      reduction is solely a reflection of changes in equity market valuation
      levels since our transaction was initially announced in September and was
      not in any way a reflection on Iridium&#8217;s performance.&#160;&#160;In fact,
      as Matt Desch will discuss later, Iridium is performing very well to the
      current economic climate which is a testament to the value its customers
      place on the Iridium service and to the success of some of its new
      products.</font></div>
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      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      an example, a week or two ago the <font style="FONT-STYLE: italic">Financial Times </font>gave Iridium&#8217;s new 9555
      handset a glowing review and the feedback Matt and his team have been
      hearing from customers is overwhelmingly positive.&#160;&#160;The basic
      details of the amendment to the terms are as follows.&#160;&#160;Aggregate
      consideration to Iridium&#8217;s current owners will be reduced by 15 percent
      implying an enterprise value purchase price for Iridium of $517
      million.&#160;&#160;This reduction in consideration will come entirely out
      of the stock portion of the consideration although the 15 percent I
      referred to earlier is a reduction to the total amount of consideration,
      not just the stock portion.&#160;&#160;The 15 percent reduction also
      applies to the shares under which Greenhill&#8217;s convertible note that we
      purchased last fall would have converted into at the original deal
      price.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additionally,
      to facilitate the Iridium shareholders agreeing to this price reduction
      Greenhill&#8217;s agreed to forfeit an additional two million GHQ warrants which
      is obviously is a further reduction in the deal price from the perspective
      of GHQ shareholders.&#160;&#160;Finally, we are eliminating the $120
      million tender offer that would have closed concurrently with closing of
      the </font></div>
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      <div align="center">
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              <td style="WIDTH: 90pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">merger
      based on feedback from shareholders and perspective investors that this
      was not a value added feature.</font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 90pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 90pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">In
      combination, these amendments result in a post transaction, fully
      distributed valuation for combined GHQ Iridium that we believe is very
      attractive relative to publically traded comparable companies as well as
      the market generally.&#160;&#160;In fact, if you do the math the fully
      distributed enterprise value of the combined company after this price
      reduction is approximately five times the midpoint of Matt&#8217;s guidance for
      2009 operational EBITDA.&#160;&#160;Meanwhile Iridium is continuing to
      grow it subscriber base and operational EBITDA at a faster rate than its
      competitors even through the current economic downturn.&#160;&#160;In
      fact, I think investors will struggle to find many companies in any sector
      that are showing strong profitability and meaningful growth in the last
      few quarters.</font></div>
              </td>
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        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Against
      this backdrop of strong growth at Iridium, the amended transaction implies
      a valuation relative to operational EBITDA that we believe our
      shareholders, as well as new investors will appreciate.&#160;&#160;The
      amendments will also provide the combined company with a slightly larger
      cash balance as it begins life as a public
  company.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      terms of other updates, we continue to progress with the regulatory
      approach process both with the FCC and the SEC.&#160;&#160;Once these
      processes are complete, we will move forward promptly to a shareholder
      vote and the closing of the merger.&#160;&#160;With that, I&#8217;ll turn it
      over to Matt who will provide a brief update on Iridium&#8217;s recent
      performance and offer some insights on the year
      ahead.&#160;&#160;Matt.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <td style="WIDTH: 90pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Matt
      Desch:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Thanks,
      Scott.&#160;&#160;Hello, everyone.&#160;&#160;We&#8217;ve experienced about four
      months of business in 2009 so far and while we won&#8217;t be announcing our
      first quarter results until some time in May, we believe we have a good
      enough handle on our business in the current environment to provide
      investors some guidance for the full year to help evaluate the
      company.</font></div>
              </td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 90pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr valign="top">
              <td style="WIDTH: 90pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As the announcement
      stated, we are still seeing subscriber growth despite the economic
      downturn and should see at least 20 percent growth in our
  </font></font></td>
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        </table>
      </div>
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              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">subscriber
      base this year.&#160;&#160;We expect growth across all of our vertical
      markets albeit at a more measured pace than in recent years such as the 37
      percent growth we had last year during better economic
      times.&#160;&#160;While it is true that the credit markets are impacting
      some of our smaller partners and to a lesser extent the global recession
      is impacting some of our end users the unique service that we provide
      continues to represent a compelling value to the market segments we
      serve.&#160;&#160;Our partners tell us that they are continuing to see
      opportunities anchored by applications used by the government, industrial,
      aviation, and maritime companies despite the ongoing
      recession.&#160;&#160;Many of our subscribers are in industrial and
      government sectors and we have less exposure to the consumer segments than
      in most companies as we&#8217;ve explicitly avoided going after that market
      directly.</font></div>
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        </table>
      </div>
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      <div>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      also believe that our revenues will grow in the low single
      digits.&#160;&#160;Service revenues in both commercial and government
      sectors are actually growing commensurate with our subscriber group but we
      are expecting lower equipment sales this year than in past
      years.&#160;&#160;That is due to tightening inventories at our partners
      who are managing their businesses carefully in this
      downturn.&#160;&#160;We&#8217;ve also been in the midst of significant product
      introductions which occur infrequently for us for each of our major
      products and we suspect this too has contributed to lower equipment
      sales.&#160;&#160;For example, as Scott said, the new 9555 satellite
      handset has been well received in the market, but we know our service
      providers and their distributors have been working to sell off their older
      inventories of the 9505A phone that they&#8217;ve sold for the previous four
      years.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <td style="WIDTH: 90pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Finally,
      as a result of this revenue growth and our largely fixed business model,
      operational EBITDA will still grow in the 11 to 20 percent range to
      between 120 to 130 million for 2009.&#160;&#160;Given what we see with our
      industry peers and other communication companies, I think this is pretty
      good performance in one of the most difficult economic periods the world
      has seen in recent times.&#160;&#160;This full year guidance is a clear
      demonstration of how resilient our business model is and our continued
      confidence in our business despite the times.&#160;&#160;With that, Scott,
      I&#8217;ll turn it back over to you.</font></div>
              </td>
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        </table>
      </div>
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        <div>&#160;</div>
      </div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Scott
      Bok:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Before
      we take questions I want to make a couple of comments in
      closing.&#160;&#160;First, we think this transaction has phenomenal
      opportunity for holders of GHQ especially at the revised pricing and
      valuation relative to Iridium&#8217;s comparables.&#160;&#160;Second, the
      significance of Iridium&#8217;s performance in light of the current macro
      economic climate cannot be overstated and is a testament to the quality of
      this business for shareholders.&#160;&#160;We look forward to completing
      our merger and continuing to see Iridium grow into the
      future.&#160;&#160;Thank you all for your time and attention this
      morning.&#160;&#160;Now, we&#8217;ll be happy to take any
      questions.&#160;&#160;Operator.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
      this time, I would like to remind everyone in order to ask a question,
      please press star then the number one on your telephone
      keypad.&#160;&#160;Your first question comes from the line of Chris Quitly
      with Raymond James.</font></div>
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      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chris
      Quilty:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Good
      morning, gentlemen.&#160;&#160;Could you just touch real quickly, are you
      still targeting a May date for announcement on your next vendor
      selection?</font></div>
              </td>
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        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Matt
      Desch:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We&#8217;re
      going through the process now.&#160;&#160;We&#8217;ve completed phase three and
      we&#8217;re in the evaluation and negotiation process with our primary &#8211; our
      prime vendors.&#160;&#160;I think May is probably a little
      aggressive.&#160;&#160;I think it will be a little later than that just
      because we still have a lot of work to do to get the best deal possible
      and pick the right supplier.&#160;&#160;But things are on
      track.&#160;&#160;And we should see something probably later on in the
      quarter some time this summer, at
least.</font></div>
              </td>
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        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chris
      Quilty:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OK.&#160;&#160;And
      does the timing of that announcement or the nature of who you select in
      any way impact the ability to do your proposed hosted
      payloads?</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Matt
      Desch:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No.&#160;&#160;It
      doesn&#8217;t.&#160;&#160;I mean one of the things we identified is while
      there&#8217;s a great opportunity for hosted or secondary payloads the decision
      process and the pipeline that we were dealing with a year or two ago we
      knew that it may take some time for those to actually
      develop.&#160;&#160;So we&#8217;ve been working with our primes and their
      proposals are &#8211; provide sort of a framework for us to be able to put a
      secondary payload on up to a year or after when we actually contract for
      this.&#160;&#160;So that was never a requirement to be done concurrent
      with the prime selection.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chris
      Quilty:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OK.&#160;&#160;And
      in terms of the military end market round about 20 percent of revenues,
      any revelations coming out of the budget announcements by Secretary Gates
      several weeks back.&#160;&#160;Obviously, the line item budget hasn&#8217;t been
      made available but any major programs or opportunities as a result in the
      shift of where they&#8217;re spending
money?</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Matt
      Desch:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Well,
      I mean (inaudible) those were high level phrases that were described, and
      I would say overall I&#8217;m pleased by what I hear.&#160;&#160;There seems to
      be a drive to being smarter about costs, using commercial operators where
      possible, going to smaller satellites at times and public/private
      partnerships et cetera you know weren&#8217;t involved in any of his priorities
      that he&#8217;s producing but there still is a lot of room in the budget for
      kinds of things that we can do.&#160;&#160;And you know I should say just
      in the press we said 20 percent, it is an important fundamental part, not
      just the U.S. DOD but other governmental customers around the
      world.&#160;&#160;We have a long term contract with the DOD.&#160;&#160;We
      have a number of R&amp;D contracts developing new features.&#160;&#160;And
      I&#8217;m encouraged that there are both those opportunities and others we
      haven&#8217;t still yet explored with them as possible
  now.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Scott
      Bok:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Matt,
      Scott here.&#160;&#160;I would just add to that while certainly we&#8217;re not
      experts on reading the tea leaves of defense department statements I mean
      to the extent that there&#8217;s a trend away from kind of huge systems and huge
      programs and more towards you know tactical and special forces type
      capabilities where we do think that benefits us.&#160;&#160;Because we
      obviously you know our products obviously fall in the latter
      category.</font></div>
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      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chris
      Quilty:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Right.&#160;&#160;And
      specific to the issue of the software or hardware revenues, what&#8217;s the
      expected impact been margins either in the first quarter, or full
      year.</font></div>
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        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Matt
      Desch:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
      guidance in terms of we don&#8217;t really provide the margins overall but
      overall, as you can expect, the equipment margins while they&#8217;re still
      positive and strong are far less than service revenue margins for the
      service.&#160;&#160;Because most service revenues fall right to the bottom
      where we&#8217;re putting the revenues up to sales components.&#160;&#160;So the
      mix is changing.&#160;&#160;And less lower margin and more higher margin
      equipment, but overall that&#8217;s why the revenues are lower but while we
      still have good operational EBITDA
growth.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Scott
      Bok:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">And
      I think from an acquirer&#8217;s point of view the way we look at it in GHQ is
      that we love the equipment sales, but frankly I think the earnings flow
      you would attach normally the higher valuation to would be the services
      because there&#8217;s almost no incremental costs and you know the bigger the
      install base is the more that kind of perpetuity comes into
      place.&#160;&#160;Equipment sales you would expect would ebb and flow a
      little bit with the economy.&#160;&#160;But I think the mix change here is
      probably a positive for us.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chris
      Quilty:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OK.&#160;&#160;And
      I guess the elephant in the room question is Globalstar getting a bailout
      from the French.&#160;&#160;I assume you know when you look at your
      multiyear forecasting of the business is it fair to assume that your
      projections had always included an assumption that they would in some way
      get funded?&#160;&#160;Or you know what&#8217;s your thoughts on how that all
      plays out?</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Matt
      Desch:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Absolutely.&#160;&#160;I
      always assumed that Thermo, their primary shareholder, would invest in the
      company and keep them afloat.&#160;&#160;So you know I think this is just
      a difference in how they really ultimately got funded.&#160;&#160;You know
      the bottom line is still that with the additional funding they&#8217;re not
      going to have a good network for the next couple of years and we&#8217;re not
      going to see them in the marketplace.&#160;&#160;And at the same time you
      probably saw that Inmarsat have sort of delayed their entrance into
      competitive markets the handset market, et
  cetera.</font></div>
              </td>
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        </table>
      </div>
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      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <td style="WIDTH: 90pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
      overall you know the business that we expected a couple of years ago is
      still really what&#8217;s out there.&#160;&#160;And what we&#8217;ve sort of built our
      whole business plan around has not really changed as a result of that
      funding.&#160;&#160;What has changed, though, is that there seems to be
      appetite for I&#8217;d call governmental or country sponsorship of
      industry.&#160;&#160;And given that we are at a unique point where we&#8217;re
      actually making selections on satellite providers you know I&#8217;d like to see
      if we can take advantage of some of that too.&#160;&#160;Not so much that
      we need it immediately but in terms of providing low cost or long-term
      financing for additional flexibility I think that&#8217;s &#8211; that can only be
      positive.&#160;&#160;So I think it sort of opened up an opportunity if
      anything else that we&#8217;re going to continue to look
  into.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chris
      Quilty:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Great.&#160;&#160;And
      final question just you know your full year forecast I don&#8217;t think you
      work off a huge backlog of customer orders.&#160;&#160;Where do you &#8211; are
      you seeing the strongest growth in terms of vertical market sector or you
      know the best visibility that gives you the confidence to predict the type
      of growth this year?</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Matt
      Desch:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Well,
      as I said, all of our segments are still growing, albeit at a different
      rate.&#160;&#160;Maritime is holding up very well.&#160;&#160;You know we
      still see &#8211; this may be half empty but the crew are stilling calling
      home.&#160;&#160;But we&#8217;re really not seeing a big shift really
      there.</font></div>
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      <div>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aviation
      is obviously affected, especially publicity for new starts, but that
      really hasn&#8217;t affected us so much because those airplanes really aren&#8217;t
      going into mothballs and primarily we&#8217;re getting still monthly fees from
      all of them and we&#8217;re still getting a lot of helicopter growth et
      cetera.</font></div>
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      <div>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      DOD continues to remain pretty much as it&#8217;s been.&#160;&#160;Handsets are
      probably the most off but it&#8217;s still growing.&#160;&#160;And the M-to-M
      business also continues to be one of our highest growth
      businesses.&#160;&#160;So we&#8217;re seeing it across the board still growth
      but obviously just all of it&#8217;s been affected in a little different ways
      (inaudible) capital markets or the
recession.</font></div>
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        </table>
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      <div>
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              <td style="WIDTH: 90pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chris
      Quilty:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Openport,
      there were some channel rumblings about the performance of that product,
      have you ironed out all of those issues?&#160;&#160;And is that actively
      selling on a commercial basis now?</font></div>
              </td>
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        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div>
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              <td style="WIDTH: 90pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Matt
      Desch:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That
      product is working very well.&#160;&#160;I think you&#8217;ll see some news out
      on that soon.&#160;&#160;It&#8217;s performing exceptionally.&#160;&#160;The
      product is exactly what we thought it was going to be and worked exactly
      as we hoped and our partners are quite excited about it and I think you&#8217;ll
      see more about that soon.</font></div>
              </td>
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        </table>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Again,
      to ask a question, please press star then the number one on your telephone
      keypad.&#160;&#160;Your next question comes from the line of Ivy De
      Dianous with Fox-Pitt.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ivy
      De Dianous:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Hi,
      good morning.&#160;&#160;I have a question with Greenhill is the
      forfeiture of warrants going to have some kind of marks for
      Greenhill?</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Scott
      Bok:</font></div>
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              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
      mean that&#8217;s probably a question I&#8217;d suggest you call our CFO &#8211; the CFO of
      Greenhill &amp; Co. and talk about it.&#160;&#160;It&#8217;s not &#8211; it&#8217;s probably
      a more complicated question.&#160;&#160;It&#8217;s something that has no
      immediate impact but obviously the transaction goes through, which has
      quite a significant impact on Greenhill.&#160;&#160;And to understand
      that, I suggest you talk to our CFO about
that.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ivy
      De Dianous:</font></div>
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              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OK.&#160;&#160;Thanks.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Scott
      Bok:</font></div>
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                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sure.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operator:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Again,
      to ask a question, please press star then the number one on your telephone
      keypad.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Scott
      Bok:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OK.&#160;&#160;If
      there are no further questions, that&#8217;s terrific.&#160;&#160;We thank
      everybody for your time and we look forward to putting up additional
      announcements of first quarter and regulatory approvals and things like
      that as we go forward.&#160;&#160;Thank
you.</font></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Matt
      Desch:</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thanks
      everybody.&#160;&#160;This concludes today&#8217;s conference
      call.&#160;&#160;You may now
disconnect.</font></div>
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                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
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                <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">END</font></div>
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