a ten bagger if ever i have seen one, page-16

No Where Man - you mentioned that QAD has a 10% stake in Iridium. I thought it was more.

As I understand it QAD owns all of Bareena Holdings, which has a stake in Iridium Holdings LLC.

Have a look at:

http://hraunfoss.fcc.gov/edocs_public/attachmatch/DOC-216485A1.pdf

This page shows the 2001 ownership of Iridium Holdings LLC as:

Baralonco N.V. (26.139%) of the Netherlands Antilles, a company owned and controlled by Khalid bin Abdullah bin Adulrahman.

Bareena Holdings Pty, Ltd (26.139%) of Australia.

Syncom-Iridium Holdings Corp. and Syndicated Communications, Inc. (26.139%) of the United States.

Millport Associates, S.A. (8.713%) of Panama, a wholly-owned subsidiary of a Brazilian company.

Tyrone Brown (2%) and Dan A. Colussy (5.871%), each U.S. citizens.

Do you know whether Bareena's (and so QAD's) stake has been watered down since 2001?