Statement of Changes of Beneficial Ownership

FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2008
Estimated average burden
hours per response... 0.5
                      
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Schmitt Dennis 		2. Issuer Name and Ticker or Trading Symbol

ICO Global Communications (Holdings) LTD [ ICOG ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
SVP, Finance
(Last)          (First)          (Middle)

2300 CARILLON POINT 		3. Date of Earliest Transaction (MM/DD/YYYY)

10/3/2006
(Street)

KIRKLAND, WA 98033
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy)   $5.85   (1) 10/3/2016     A     30000         (2) 10/3/2016   Class A Common Stock   30000   $0   30000   D  
 
Stock Option (right to buy)   $5.90   10/3/2006     A     15000         (3) 10/3/2016   Class A Common Stock   15000   $0   15000   D  
 

Explanation of Responses:
( 1)  Closing price on the OTC Market of the Issuer's Class A Common Stock on July 14, 2006, the date on which the Issuer's registration statement on Form 10 became effective with the Securities and Exchange Commission (File No. 000-52006), pursuant to an agreement with the Reporting Person, approved by the Issuer's Board of Directors.
( 2)  Option vests in four equal annual installments beginning with the vesting commencement date of July 14, 2006 (subject to accelerated vesting in certain circumstances).
( 3)  Option vests in four equal annual installments beginning with the vesting commencement date of October 3, 2006 (subject to accelerated vesting in certain circumstances).

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Schmitt Dennis
2300 CARILLON POINT
KIRKLAND, WA 98033

SVP, Finance

Signatures
/s/ John L. Flynn, attorney-in-fact 10/5/2006
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. 

POWER OF ATTORNEY



 Know all by these presents, that the undersigned hereby constitutes and appoints

John L. Flynn,  the undersigned's true and lawful attorney-in-fact to:



(1) execute for and on behalf of the undersigned, all reports to be filed by the

undersigned pursuant to Section 16(a) of the Securities Exchange Act of 1934, as amended

(the "Exchange Act") and the rules promulgated thereunder (including Forms 3, 4, and 5 and

any successor forms) (the "Section 16 Reports") with respect to the equity securities of ICO

Global Communications (Holdings) Limited (the "Company");



(2) do and perform any and all acts for and on behalf of the undersigned that may be

necessary or desirable to complete and execute any such Section 16 Report, complete and

execute any amendment or amendments thereto, and file such report with the U.S. Securities

and Exchange Commission and any stock exchange or similar authority; and



(3) take any other action of any type whatsoever in connection with the foregoing that, in

the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally

required by, the undersigned, it being understood that the documents executed by such

attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in

such form and shall contain such terms and conditions as such attorney-in-fact may approve

in such attorney-in-fact's discretion.



      The powers granted above may be exercised by such attorney-in-fact on behalf of the

undersigned, and on behalf of the undersigned in any fiduciary or representative capacity in which

the undersigned may be acting.

 The undersigned hereby grants to such attorney-in-fact full power and authority to do and

perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the

exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the

undersigned might or could do if personally present, with full power of substitution or revocation,

hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or

substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights

and powers herein granted.  The undersigned acknowledges that the foregoing attorneys-in-fact, in

serving in such capacity at the request of the undersigned, are not assuming, nor is the Company

assuming, any of the undersigned's responsibilities to comply with Section 16 of the Exchange Act.



 This Power of Attorney shall be effective as of the date set forth below and shall continue in

full force and effect until the undersigned is no longer required to file Section 16 Reports with

respect to the equity securities of the Company, unless earlier revoked by the undersigned in a signed

writing delivered to the foregoing attorneys-in-fact.



 IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed

as of this 5th day of July, 2006.





Signature: /s/ Dennis Schmitt

Name:  Dennis Schmitt