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"Lachlan is accused in this telephone venture," the elder Mr. Murdoch said.
It was also writing off millions of dollars because of its failed investment in Iridium L.L.C., the satellite telephone venture.
Last year, Iridium L.L.C., a global telephone venture backed by Motorola Inc., declared bankruptcy, and others are struggling.
Mr. Kruter, 32, is the director for brand and marketing planning and promotions at Virgin Mobile, a cellular telephone venture of the Virgin Group and Sprint Nextel.
In December 1999, Cascade lent $25 million to Gabelli's local telephone venture, the Lynch Interactive Corporation, taking a 17percentt stake in the business.
One of the clouds hanging over Motorola, however, has been Iridium L.L.C., the $5 billion satellite telephone venture that filed for Chapter 11 bankruptcy protection late last year.
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Ascend's shares descended rapidly.Motorola pulled out of a $500m cellular-telephone venture in Ukraine, citing a government and administration that imposed baffling and "ever-changing" terms and conditions.There is a fairy godmother for failing businesses after all.
With his underfinanced campaign for governor already struggling, Bill Simon Jr. hit another setback this week when the family investment company he had run was ordered to pay $78 million for defrauding a partner in a failed pay-telephone venture.
It was in 1997 that Iridium, the doomed mobile-telephone venture, raised hundreds of millions of dollars despite warning, in 31 pages of prospectus risk language, that the business model had certain fundamental problems.
He joined a telephone forecast venture called Surfline in 1984, and two years later began a rival service called Wavetrak.
SBC Communications, BellSouth and their mobile telephone joint venture, Cingular Wireless, plan to sell a package of calling minutes that for the first time could be used for both mobile and home phone calls.
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