In 1999 Iridium declared bankruptcy and was sold to private investors. Suppose that you were to learn that by the end of 2003, Iridium had gone out of business. How surprised would you be? How would you imagine that the events surrounding Iridium’s liquidation took place? Now suppose instead that you were to learn that by the end of 2003, Iridium had turned cash flow positive. How surprised would you be? How would you imagine that the events surrounding Iridium’s turnaround took place?
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