Both ICO-Teledesic Global Ltd. and Globalstar L.P [GSTRF] both picked up $250 million of much needed funding. But the amount of money is about the only similarities between how the respective LEO companies got their money.

While Globalstar had to draw and default on a credit facility, “A-List” investors dug into their deep pockets to help out ICO-Teledesic, a holding company for satellite communications assets controlled by telcommunications pioneer Craig McCaw.

The latest round of investors included Microsoft Corp. [MSFT] Chairman Bill Gates, McCaw’s Eagle River Investments LLC and the investment firm of Clayton, Dubilier & Rice (CD&R) provided ICO-Teledesic with more than $1 billion in financing–$250 million of it in new, committed investment.

…Gates Invests $100 Million

Gates committed to invest $100 million in ICO-Teledesic, a holding company for satellite communications assets controlled by McCaw.

CD&R, a private equity investor, will pump in even more money by announcing that a fund it manages may invest up to $350 million in ICO-Teledesic, agreed to invest $150 million itself and obtained the option to chip in an additional $200 million at a later date.

ICO-Teledesic Global also has received $500 million from Eagle River, McCaw’s private investment company. The $500 million was part of the previously announced $1.2 billion McCaw-led financial restructuring of London-based New ICO.

The investment has some industry insiders smiling.

“I am very positive on the prospects of ICO, more so now [than I have been in the past]” said Ahmad Ghais, president of the Mobile Satellite Users Association. “I’m sorry it gets hurt by the backwash of Iridium.”

“I think we need to wait a while and see how this develops,” said Roger Rusch, president of satellite consultancy TelAstra Inc. “No doubt the slow start of Globalstar is making fund raising difficult. Furthermore, the GPRS and other wireless data services are not catching fire. Until the terrestrial systems for high-speed data service start to take off, the momentum for satellite augmentation systems like ICO and Inmarsat 4 may be slow, too.”