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The way I am currently read it, unfortunately, is that they need cash up front to clear the band. The chapter 11 would allow a restructuring which apparently includes enough of a cash loan to pay for the band clearing.
Well...Tepper also bought bonds which are a step safer in a bankruptcy.
8-K Today: https://www.streetinsider.com/SEC+Filings/Form+8-K+Intelsat+S.A.+For%3A+Apr+15/16744090.html
Witholding payments to keep cash in the bank.
Intelsat seeks bankruptcy loan while waiting for C-Band payout.
https://www.bloomberg.com/news/articles/2020-04-14/intelsat-seeks-bankruptcy-loan-to-stay-afloat-until-c-band-sale
From what I am reading. Someone please correct me, but common shares are likely to get wiped out in Chapter 11.
Full disclosure, we have not actually filed yet, correct?
Beautiful thing. .au
$I $1.65
You must have read the most recent exParte. My big question is, what were the questions they asked that were business sensitive?
It has to be the extra payments available from the carriers, not?
One thing I have noticed and this is extremely telling in my view. But Intelsat's twitter page was DEAD DEAD DEAD for a very long time. But in these recent weeks there has been a firestorm of tweeting daily. To me, this means that they are expecting investors to do DD in the near future and they want to come across as active.
Which truth be told, CV is really showing the need for comsat. My wonder is, will this push back the auction into 2021?
I loaded at 1.75 and now I am going to double down, but waiting to see if they are crazy enough to drop it more..
They submitted an exParte to the FCC, where in a roundabout way, they refer to many topics of a recent phone conference with FCC members, including sensitive topics that could not be submitted in a public document.
Risk/Reward...we are way past a Buy IMHO. But if you are searching for a bottom, who knows. The thing about crazy news is that you get a gap and I think anyone involved in Intelsat watching is expecting some kind of crazy news.
Deep diving DD will discover some new Intelsat information made available recently.
Here you have it fellas. Going from 3x down to 2x, hopefully that will smooth out some of the volatility. Oil wars can't finish up soon enough. https://finance.yahoo.com/news/direxion-changes-objectives-ten-leveraged-204600012.html
If we can kick the coronavirus soon, that would be even better.
New article in the iBox. https://www.aerospace-technology.com/news/intelsat-selects-spacex-to-launch-is-40e-communications-satellite/
Wouldn't it be something if we get an article some day saying, 'SpaceX decides to go public by reverse merger into Intelsat'
Ha!
Pretty good pop today. I did notice that the Company has been posting random good news on their Twitter feed.
Intelsat is the largest holder of C-Band --- Verizon is the largest beneficiary of 5G (aside from the American people, I guess). With the private booster payments confirmed (see some of my previous posts which also assumed that) it just seems obvious that they would be having meetings.
If $I was to call the FCC bluff, at best, the license gets to fail at dusk and at worst, literally is embroiled in lawsuit for a quarter millenium. It also kills trust of the new holders of license to the FCC that the billions they are paying out won't just be swept up and out from administration to administration and handed out to whomevers buddy cries the loudest.
Or, I am pschic, an insider, or both. More likely neither, most likely a contrarian conspiracy theorist with very little capital to benefit from any of it either way.
https://news.bloomberglaw.com/tech-and-telecom-law/intelsat-may-benefit-as-fcc-allows-private-payments-height-says
They have yet to announce their intentions in light of the FCC plan. Far to many board meetings between $I and $VZ happening presently to just walk away for me.
Not a real loss until it's sold.
The lawsuit in the PR is invalid. The Companies 8-k from March 2019 specifically denies wrongdoing and because there was a settlement and not a judgement, there is no solid ground for the stated lawsuit.
Short attack at it again.
Max pain is $3.50 this week.
Max pain is $3.50 next week.
Max pain is $5.00 on 3/20.
What gives? AFK..
I remember reading somewhere that it would take 3 or was it 5 years for the FCC to just 'sunset' their current rights to the spectrum.
If T-Mobile and Sprint can merge without much ruckus, why not Intelsat and Verizon?
But we can all be happy if they just settle for side payments.
Link to FCC meeting on CBand. https://www.fcc.gov/live
10:30 AM EST
With the last tweet and after reading all of the ex-parte submissions by Intelsat, SES, Eutelsat, Telesat, AT&T, Comcast...
I have to wonder after seeing the tweet that I posted, if they are seeing the writing on the walls (finally! I mean, they already told you loud and clear they wanted cash or else, right? Nice try though.) and have decided to make payout higher (percentage of proceeds?)
Interested in seeing if we go to $6 plus tomorrow.
Not so cryptic....but I have a feeling we are going to see a major move in the SatCom space tomorrow.
Via Twitter:
Matthew Berry
@matthewberryfcc
·
9m
While some support dither and delay, tomorrow morning the FCC's majority is going to take bold and decisive action to make 280 megahertz of mid-band spectrum available for 5G, a critical step to closing the digital divide and securing U.S. leadership in 5G. #5GFAST
Good news on their utilization of the L-Band. It's surprising that they don't mention the Y/Y increase in their subscription base.
Awesome
A Intelsat executive told reporters Feb. 26 that the MEV-1 docking operation went so well that the team plans to dock MEV-2 with its host satellite in geostationary orbit rather than take it temporarily out of service in order to conduct the rendezvous in a higher orbit.
“This is a good pathway to the next docking for MEV-2, which we intend to do with customers on the satellite,” said Jean-Luc Froeliger, Intelsat’s vice president of satellite operations and engineering. “We’re very confident that we will have minimum perturbations of our services on our next docking.”
Just generally for mankind, it's definitely a big plus. I am especially excited for the software based satellite approach. If they can upgrade with an uplink and refuel like they did today, will we be looking at 100 year satellites (modular?) in the near future?
Space waste is def a problem and this is one small solution. That being said, how about getting some waste management trucks up there to clean up the mess and the space force to fire some lasers at the Russian torpedo sats.
Here is some more dynamitehttps://www.nytimes.com/2020/02/26/science/mev-1-northrop-grumman-space-junk.html
Year over year, looking pretty good here. More subscriptions and a huge 7 year US military contract worth millions.
Lots of debts extinguished and ready for some profitability coming up in 2020.
Up on a down day, lot of strength. The options sellers will have a tough one ahead. Certain news will make it start to float on thinner air.
800m in unrestricted cash?
Bonds selling recently for .35 / 1.00 ?
Market Cap of 640m...
What is the smart business move here?
"Intelsat’s backlog stood at $7 billion, and total debt at $14.7 billion as of Dec. 31, 2019. Intelsat has more than $800 million in unrestricted cash and is not worried about its next debt deadline — a $421 million chunk of debt due in June 2021, Tolley said. "
The bond lows happened in 2020...lot's of possibilities here.
Board Warning:
Nobody can stop people from being annoying. However, if random stock symbols other than Intelsat keep being posted, there will be a swift ban.
Still some twists and turns to go, but Intelsat is looking great after the conference call this morning. They were forthcoming with projections and seem on top of their business.
I am looking forward to the InPlane services to be offered (for many reasons, including the fact that the $I symbol will be in front of plenty of private plane owners in the form of a big fat invoice).
Some other behind the scenes business (if you do the utmost of DD you will find it, thanks for the heads up by another member) there is some exciting PR in the works for Intelsat not CBand related.
Not surprised to see the scuffling of the CBA now that we have seen the flop.
Know Sure Thing on the 1 D crossed up nicely today. Looking forward to the FCC vote. They really need to find a way to back door extra funds to the sat companies. Just imagine them not actually playing ball anymore... we really do need 5G now. The boost to our economy is clear, the boost to our defense is clear...they are doing a lot of leg work...how could they possibly NOT fight tooth and nail for a percentage instead of what could be perceived as scraps. Can we afford as a country to not pay these guys? Let's view the windfall to our ECONOMY, not just a windfall to pet projects right now. Invest in the kids future as well.
Furthermore, how will new spectrum holders feel about their rights if we just sunset the incumbents? Just give them what they want, give us 5G and let's move onto the IoT economy.
I honestly think we are looking at a surprise earnings report. They have so much PR waiting to go. Years amd years worth.
I am less interested in an earnings number as I am in hearing the conference call about what Intelsat plans to do with the recent FCC decision. They have been silent on the matter.
Also, Intelsat's twitter feed had an almost cryptic set of posts, when there had not been one anytime recently. So is Intelsat now trying to show investors that they actually have a product and a plan to make their company profitable into the future?
I'm not crying over these stock prices. Truth be told, traders stop losses show up on Level 2 and when shorts are obviously trying to take the price down, it's obvious that the stop losses are a target for gaps. It happened for a good while. In a case like this, when your hunch has been that the price will surpass your original buy, then averaging down is all you can plan to do.
You don't incur losses until you sell.
It seems straight forward to me with the public auction, high bidder takes the spectrum. They can't particularly court a company for any type of special treatment in that case. The only reason Verizon could turn it's attention to Intelsat directly would be for a buyout.
It's not outside the realm of reality, because Intelsat just went through a courting with OneWeb/SoftBank, which they are currently suing them for not going through with. So fact is, Intelsat is, FOR SALE.
I have kept it to myself, but that has been my thought the whole time.
Why would you pay all this money in an auction when you can just pay 20B, have the spectrum, and a host of satellites to boot.
Intelsat has a host of products that would team nicely with what Verizon has to offer.
Can you imagine the SP if this is a headline soon?
https://thefly.com/landingPageNews.php?id=3032081&headline=I;VZ;TMUS;S-Verizon-may-turn-attention-to-Intelsat-after-TMobile-nod-Dealreporter-says
No recent statement of changes in beneficial ownership. Insiders still holding.
They are the ones that know what 5 billion and new equipment will do for their company and even whether they will accept that amount.
Another point, FCC is on recording saying that the timeline needed for the 5B payout is much longer than the CBA claims it will take to clear the spectrum.
What extra are the carriers willing to pay for even faster clearing than the FCC proposes?
Could JPM be involved 'personally' via this prospectus I found through Edgar. https://www.sec.gov/Archives/edgar/data/1525773/000119312518339696/d601593d424b5.htm