Iridium Filed for Chapter 11 bankruptcy protection two weeks ago after failing to meet debt repayments. Had planned a 66-satellite network, but stumbled over technical problems and slow sales.

ICO Global Filed for Chapter 11 bankruptcy protection last Friday after failing to line up $600 million in additional financing. Planned a 12 satellite cellular phone network.

Globalstar Still solvent.

Teledesic LLC $9 billion satellite venture is till going ahead.

Why it matters: Iridium, Globalstar and ICO were all owned by Bermuda holding companies or had Bermuda subsidiaries.

The good news: Companies laying fibre-optic cable on earth -- the maion cause for the satellite phone companies problems -- and held such as Global Crossing, Project Oxygen and Flag Ltd. are all registered or based in Bermuda.