Exhibit 10.40    October 19, 2007
  Mr. Michael P. Corkery
  
  ICO Global Communications
  11700 Plaza America Drive
  Suite 1010
  Reston, VA 20190
  
  Tel   +1 703 964-1400
  Fax   +1 703 964-1401
  
  www.ico.com  Dear Mike:  We are pleased to offer you the position of Executive
Vice President, Chief Financial Officer with ICO Global Communications
(Holdings) Limited and ICO North America, Inc. (together with ICO
Satellite Services G.P. (your employer) and other subsidiaries and affiliates, ICO)
under the terms of this letter agreement (Letter Agreement). You will have
the rights, powers, duties and obligations as may be agreed upon from time to
time.  During the course of your
employment with ICO you will devote your full business time and efforts to ICO;
provided, that, nothing herein will prevent you from (i) participating
in industry, trade, professional, charitable and community activities, (ii) serving
on corporate, civic or charitable boards or committees as mutually agreed by us
and you, and (iii) managing your personal investments and affairs, in each
case so long as such activities do not conflict with ICOs interests or
interfere with the performance of your responsibilities to ICO.  We anticipate the starting date for this
position and for purposes of this Letter Agreement shall be November 19,
2007 (Start Date).  Base Salary, Hiring Bonus
and Annual Bonus  We are offering you an annual salary of $325,000, less
payroll taxes and required withholding, which will be paid to you in regular
intervals in accordance with ICOs customary payroll schedules for salaried
employees.  Currently ICOs salaried
employees are paid monthly on the last business day of each month.  This salary may be adjusted in the future in
accordance with ICOs compensation practices.   There currently is no planned cash bonus for
your position.  However, you will be
eligible to be considered for additional compensation (such as stock options,
restricted stock and/or a cash bonus program) to the extent the Compensation
Committee or the Board of Directors considered such programs for senior
executives generally.  Stock Options  Subject to the approval
of the Board of Directors, you will receive an option to purchase 325,000
shares of the Class A common stock of ICO Global Communications (Holdings)
Limited (Option), with an exercise price equal to the closing price on the
date of grant.  The


Option will vest
in equal annual installments on each of the first, second, third, and fourth
anniversaries of your Start Date.  The
Option will be evidenced by a stock option agreement approved for the grant of
other stock options under the ICO Global Communications (Holdings) Limited
Amended and Restated 2000 Stock Option Plan (Plan) and will be subject to the
terms and conditions of the Plan.  Employee Proprietary
Information and Inventions Agreement  In exchange for the consideration of your employment, you
agree to execute and abide by the terms of the ICO Employee Proprietary
Information and Inventions Agreement, a copy of which is enclosed.  Benefits; Vacation;
Expenses  You may participate in and to receive benefits from
all present and future life, accident, disability, medical, pension and savings
plans and all similar benefits made available generally to employees of
ICO.  The amount and extent of benefits
to which you are entitled will be governed by the specific benefit plan, as it
may be amended from time to time.  At
present, as an employee benefit, ICO contributes 12% of your monthly salary (excluding
bonus) to a 401(k) program up to the maximum amount permitted by law (which
is $27,000 in 2007).  You will be
eligible to participate in ICOs 401(k) plan on the first day of the month
following your Start Date.  You will accrue four weeks (20 days) of paid vacation
per year or such longer period as may be provided by ICO.  Such vacation will be taken at such times and
intervals as will be determined by you, subject to the reasonable business
needs of ICO.  You can accumulate a
maximum of 25 days of accrued but unused vacation time in the aggregate.  ICO will pay or reimburse you promptly for all
reasonable business expenses and other disbursements incurred or paid by you in
the performance of your duties and responsibilities to ICO, including those
incurred or paid in connection with business related travel, telecommunications
and entertainment, subject to reasonable substantiation of such expenses by you
in accordance with ICOs policies.  Termination  Without Cause  If ICO terminates your
employment without Cause, as defined below, then you will be entitled to the
following:  ·a
lump sum payment (less any required deductions) in an amount equal to (i) your
unpaid base salary through the date of termination, (ii) the value of your
vacation time not used as of the date of termination to the extent that such
vacation time has been accrued during the calendar year of termination,
calculated based upon your base salary at the date of termination, and (iii) reimbursement
of any reasonable business expenses reimbursable under this letter, to the extent
not theretofore reimbursed.  2


In addition, ICO will
provide you the following severance benefits on the condition that you execute
a separation agreement that contains a full release of claims, in a form
acceptable to ICO:  ·continuation
of your base salary then in effect, payable in accordance with the normal
payroll practices of ICO in effect on the date of termination, for a period of
six (6) months (Severance Period); and  ·in
connection with, and immediately prior the date of termination, ICO shall take
steps necessary to accelerate and deem immediately vested those options granted
to you under the Plan in which you would have vested had you remained actively
employed through the Severance Period and all restricted shares in which you
would have vested had you remained actively employed through the Severance
Period, at which point all other unvested options shall expire; provided,
however, this provision does not supersede any Change of Control provisions for
accelerated vesting of stock options under the Plan.  For Cause  ICO may terminate your
employment for Cause at any time upon written notice of such termination to you
setting forth in reasonable detail the nature of such Cause.  If ICO terminates
your employment for Cause, or you resign, then you will be entitled to a lump
sum (less any required deductions) in an amount equal to (i) your base
salary through the date of termination, (ii) the value of your vacation
time not used as of the date of termination to the extent that such vacation
time has been accrued during the calendar year of termination, calculated based
upon your base salary at the date of termination, and (iii) reimbursement
of any reasonable business expenses reimbursable under this letter, to the
extent not theretofore reimbursed.  In addition, upon termination of your
employment by ICO for Cause, any options granted to you, notwithstanding any
prior vesting, shall automatically expire at the time ICO first notifies you of
such termination.  Definition of Cause  Cause means dismissal
for willful material misconduct or failure to discharge duties, conviction or
confession of a crime punishable by law (except minor violations), the
performance of an illegal act while purporting to act in ICOs behalf, or
engaging in activities directly in competition or antithetical to the best
interest of ICO, such as dishonesty, fraud, unauthorized use or disclosure of
confidential information or trade secrets.  Definition of Disability  For purposes of this
Agreement, Disability will mean a medically diagnosed physical or mental
impairment that that renders you incapable (even with reasonable accommodation)
of performing the duties required under this Agreement for a period of time that
is reasonably expected to exceed 8 weeks.  ICO, acting in good faith, will
make the final determination of whether you have a Disability and, for purposes
of making such determination, may require you to submit yourself to a physical
examination by a physician mutually agreed upon by you and ICO.  3


Arbitration of Claims  You hereby acknowledge and agree that, except as
provided below, all disputes concerning your employment with ICO, the
termination thereof, the breach by either party of the terms of this Letter
Agreement or any other matters relating to or arising from your employment with
ICO will be resolved in binding arbitration in a proceeding in Reston, Virginia,
administered by and under the rules and regulations of National Rules for
the Resolution of Employment Disputes of the American Arbitration
Association.  This means that the parties
agree to waive their rights to have such disputes or claims decided in court by
a jury.  Instead, such disputes or claims
will be resolved by an impartial AAA arbitrator.  Both parties and the arbitrator will treat
the arbitration process and the activities that occur in the proceedings as
confidential.  The arbitration procedure will afford you and ICO the
full range of statutory remedies.  ICO and
you will be entitled to discovery sufficient to adequately arbitrate any
covered claims, including access to essential documents and witnesses, as
determined by the arbitrator and subject to limited judicial review.  In order for any judicial review of the
arbitrators decision to be successfully accomplished, the arbitrator will
issue a written decision that will decide all issues submitted and will reveal
the essential findings and conclusions on which the award is based.  The party that is not the substantially
prevailing party, which determination shall be made by the arbitrator in the
event of ambiguity, shall be responsible for paying for the arbitration filing
fee and the arbitrators fees.  Nothing contained in this section will limit ICOs or
your right to seek relief in any court of competent jurisdiction in respect of
the matters set forth in the ICO Employee Proprietary Information and
Inventions Agreement.  We specifically
agree that disputes under the ICO Employee Proprietary Information and
Inventions Agreement will not be subject to arbitration unless both parties
mutually agree to arbitrate such disputes.  Employment At Will  By signing this Letter Agreement, you understand and
agree that your employment with ICO will continue at-will.  Therefore, your employment can terminate,
with or without cause, and with or without notice, at any time, at your option
or ICOs option, and ICO can terminate or change all other terms and conditions
of your employment, with or without cause, and with or without notice, at any
time, in all cases subject to the other terms and conditions of this Letter
Agreement.  This at-will relationship
will remain in effect throughout your employment with ICO or any of its
subsidiaries or affiliates.  The at-will
nature of your employment, as set forth in this paragraph, can be modified only
by a written agreement signed by both ICOs Chief Executive Officer and you
which expressly alters it.  This at-will
relationship may not be modified by any oral or implied agreement, or by any
policies of ICO, practices or patterns of conduct.  4


Entire
Agreement  This Letter Agreement, any stock option agreement
between you and ICO, and the ICO Employee Proprietary Information and
Inventions Agreement constitute the entire agreement, arrangement and
understanding between you and ICO on the nature and terms of your employment
with ICO.  This Letter Agreement supersedes
any prior or contemporaneous agreement, arrangement or understanding on this
subject matter, subject to the sixth sentence in this paragraph regarding any
stock option agreement between you and ICO. 
By executing this Letter Agreement as provided below, you expressly
acknowledge the termination of any such prior agreement, arrangement or
understanding.  Also, by your execution
of this Letter Agreement, you affirm that no one has made any written or verbal
statement that contradicts the provisions of this Letter Agreement.  In the event of any inconsistency between the
terms contained in this Letter Agreement and the terms contained in any stock
option agreement between you and ICO, the terms contained in this Letter
Agreement will control, and the provisions regarding vesting or termination contained
in your stock option agreements will be superseded by the provisions of this Letter
Agreement to the extent of any conflict.  In addition, the covenants
contained in the ICO Employee Proprietary Information and Inventions Agreement will
also supersede the provisions of any other similar covenant contained in your
stock option agreement to the extent of any conflict.  This
Letter Agreement may be executed in counterparts, each of which (including any
signature transmitted via facsimile or email) shall be deemed to be an
original, and all of which together shall constitute one instrument.  We hope that you will accept this offer and look
forward to working with you.  Sincerely,By
  /s/ J. Timothy BryanICO Satellite Services G.P.By:  ICO Services Limited, its
  partnerBy:  ICO North America, its
  parentBy:  J. Timothy BryanChief Executive Officer  Signature of Acceptance:/s/ Michael CorkeryMichael CorkeryDate:
  10-19-07  5