ICO Global Communications (NASDAQ: ICOG) is indicated to open up more than 100% this morning after announcing a major court win. The small cap mobile satellite services company was awarded "at least $371 million" in its litigation with The Boeing Company (NYSE: BA) and Boeing Satellite Systems. This company’s market cap was only $153 million as of yesterday’s close.
The award was composed of $279 million for a breach of contract andfraud regarding satellite pricing and $91.6 million for fraud regardinglaunches. The company was also awarded $91.6 million against BSSI’sparent company for tortious interference, but this additional amount issubject to further proceedings.
ICO Global has been beaten lately as shares closed yesterday at $0.74.Its 52-week trading range was also $0.12 to $4.83. The woes of latemay be about to change drastically.
We have only seen about 6,600shares trade hands but the stock has traded up more than 100%pre-market. The last print was $1.41, up 90% from yesterday’s close.
Jon C. Ogg
October 22, 2008