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Lawsuit Filed On Satellite Firm

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Posted by Jayden Attard on January 20, 2009 at 11:19 pm
ImageSat International, the company behind the EROS (Earth Resources Observation Satellite) program is now facing a lawsuit on faulting losses.

According to the Stake holders lead by Pegasus Capital Advisors, L.P., a New York-based equity investment firm, the firm is into charges of a failed acquisition bid, contractual breaches, and some more.

There are three more lawsuits pending on ImageSat International and majority shareholders of it.

EROS is a program to deploy a series of Israeli commercial satellites into the space. These satellites act as Earth Observation Satellites once deployed into the space.

EROS-A was launched on December 5th of 2000, from the Svobodny launch Complex of Eastern Siberia.

EROS-B was launched on April 25th of 2006 from the same place. The third satellite is yet to be launched and now it is struck in the court with law suits.

ImageSat International is said to have no approved plans for a third satellite.
Filed under Business, Top News
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