The IRAA meets annually each October for its General Assembly.
It also holds an early Summer picnic jointly with COMARA (Comsat
Alumni & Retirees Assoc.) and Intelsat staff between MAY-JUN;
late Summer Social between AUG-SEP; Winter Social between
JAN-FEB, as well as an occasional Golf Outing between AUG-SEP.
All events provide a great opportunity for old friends & former
colleagues to gather for memorable occasions of fellowship and
camaraderie.
If you are not yet a member of the IRAA and would like to join,
please
CLICK
here.
Welcome New
Members
Posted: 27 September
2021
We are pleased to Welcome the following new member
to the Intelsat
Retirees and Alumni Association:
September
2021 Ellen Brager George Giagtzolou
Tony Trujillo
SES vs Intelsat Trial Delayed
Posted:
17 September 2021
The SES claim against Intelsat for a potential
$1.8 billion has been postponed.
Judge Keith Phillips, who is overseeing
Intelsat’s Chapter 11 bankruptcy reconstruction, had earlier
confirmed that the trial date for the SES vs Intelsat dispute
over FCC payment allocations would start on September 20th. A
new date has not – as yet – been circulated.
SES Accuses Intelsat of 'siphoning'
Billions
Posted:
1 September 2021
It has long been a complaint from SES that
Intelsat, in its complex Chapter 11 bankruptcy, is using
associate and sister businesses to shift incoming cash (and in
particular the so-called incentive payments from the FCC over
the C-band reallocation of spectrum). SES describes the Intelsat
action as playing a “shell game” and that Intelsat is using
sleight of hand in how it proposes allocating the FCC’s
incentive payments.
The matter was raised again in a motion to
Intelsat’s bankruptcy court on August 30th where SES again
objected to the risk of Intelsat “siphoning billions of dollars
from the Debtors’ principal operating entity, Intelsat US, and
disadvantage SES, their main competitor and one of Intelsat US’s
largest creditors.”
SES Demands
Trial on It's $1.8bn Claim
Posted:
27 August 2021
On September 1st
the Intelsat bankruptcy court is scheduled to hold a pre-trial hearing
on the SES claim for a greater share of the FCC’s incentive payments due
from the C-band clearing process and auction. SES, in a filing to the
court on August 25th, is asking that the actual trial scheduled for
September 20th be started on that date and not further adjourned or
postponed.
SES suggests that
a trial over Zoom could ease challenges for all concerned and save case
witnesses from both sides having to travel to Richmond, Virginia along
with “hundreds of people” including lawyers and other experts involved
with commensurate financial savings. A fixed date and remote Zoom
hearing “Would give the parties some certainty; given the unpredictable
trajectory of the Covid-19 pandemic and its effect on in-person
proceedings, there is no guarantee that an adjournment would make it
possible to proceed in person anytime in the near future.”
Intelsat
Achieves Support of Nearly 75% of Funded Debt on Comprehensive Financial
Restructuring
Posted:
25 August 2021
Key Creditor Groups Agree to Vote in Favor of Amended
Plan of Reorganization
Path to Emergence by End of 2021, with Company's Debt
Reduced by More Than Half
MCLEAN, VA - August 24, 2021 -
Intelsat S.A. (OTC: INTEQ), operator of the world's largest and most
advanced integrated satellite and terrestrial network, today announced
that it has achieved the support of key creditor groups across the
capital structure on the terms of a comprehensive financial
restructuring that would reduce the Company's debt by more than half -
from nearly $15 billion to $7 billion - and position the Company for
long-term success.
The Company has filed an Amended
Plan of Reorganization in its Chapter 11 proceedings pending before the
U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond
Division, accompanied by an explanatory Disclosure Statement. The
Amended Plan has the support of holders of approximately $11 billion, or
nearly 75% of the Company's funded debt. These supporting
creditors have executed a Plan Support Agreement that binds their
support for the Company's Amended Plan.
The Company is seeking Court
approval of the Disclosure Statement and to establish procedures to
solicit votes on the Amended Plan at a hearing scheduled for September
1, 2021.
We are pleased to Welcome the following new members
to the Intelsat
Retirees and Alumni Association:
August
2021 Lawrence (Larry) Brown Michael
J. Brown Yao Gao Michael
Goldstein AnaMaria Puch
Vince Walisko
SES vs Intelsat
hearings: Public barred
Posted:
20 August
2021
The August 19th application by
Intelsat and SES to have much of their court arguments heard privately
was granted by Intelsat’s Chapter 11 bankruptcy Judge.
Despite a strong case submitted
by the US Trustee, who argued that the two litigants were seeking to
close the courthouse door during their submissions and that the public
had a right to know what was being presented to the court, Judge Keith
Phillips ruled that the elements of the SES and Intelsat submissions –
whether confidential or not – could remain ‘sealed’ and with the court
proceedings only available (and viewable on Zoom) to approved lawyers
for the parties involved.
Click
HERE
for
further details from
Advanced Television
Musk's Space
Push Forces Satellite Rivals into Merger Mode
Posted:
20 August
2021
(Bloomberg) -- Plans by Elon Musk and Jeff Bezos to
launch thousands of satellites into orbit are forcing an industry that’s
traditionally wary of mergers to prepare for consolidation. The
billions of dollars that Musk is pouring into his Starlink broadband
internet service are skewing the economics of space for companies like
SES SA, the world’s second-biggest satellite operator by sales. The
growth of streaming over fiber optics threatens another of their
mainstays -- satellite TV.
Takeovers, investments and joint ventures in the industry
this year have already surpassed 2020, with more than $3.6 billion spent
on them so far in 2021, according to data compiled by Bloomberg.
TAMPA, Fla. — SES is asking Intelsat’s bankruptcy court for a speedier
summary judgment on the satellite operators’ C-band dispute instead of a
full trial.
The company said
in a June 16 court filing that it had already submitted enough evidence
for a ruling in its favor over Intelsat’s withdrawal from their C-Band
Alliance, where it said the competitors agreed to split proceeds from
clearing the spectrum evenly.
This includes
emails and text messages among senior Intelsat executives that SES says
support its case.
SES said in the
filing that Intelsat wrongfully seeks to keep a $421 million chunk of
the C-band proceeds from the company as a result.
Satellite
operators are in line for $9.7 billion in total from the Federal
Communications Commission (FCC) for clearing 300MHz of C-band, provided
they meet deadlines for making it available for wireless 5G operators.
Intelsat and SES
hold the largest share of the 500 MHz C-band in the U.S. and will get
$4.9 billion and $3.97 billion, respectively, under the FCC’s plan.
Intelsat's Q1 earnings down
50% year over year despite higher revenue due to Gogo acquisition
COVID-19 drags down SES Q1
revenue; operator says video decline is slowing
Intelsat and SES C-ban legal
battle rages on
TAMPA, Fla. — Satellite operators Intelsat and SES say they are on track
to meet a key C-band spectrum clearing deadline this year, despite
ongoing COVID-19 disruption.
The pandemic has been slowing supply chains for delivering upgrades and
filters needed to clear the frequencies for terrestrial 5G wireless
operators — and limiting access to sites to install them.
But Intelsat and SES, which hold the lion’s share of C-band in the
United States and will get around $9 billion combined if they clear
their part of the 300 megahertz of auctioned spectrum in time, said
during financial results they are on track for the first big deadline
Dec. 5.
That is when a portion of the spectrum currently being used to provide
TV and radio to nearly 120 million U.S. homes must be available for 5G
mobile.
Intelsat and SES will get $1.2 billion and $1 billion, respectively, if
they meet the Dec. 5 deadline for clearing the first 120 megahertz of
C-band the U.S. Federal Communications Commission began auctioning off
late last year.
We have lost
contact with these members below. If you have any information on
how to contact them, please send us an EMail at:
info@myiraa.comm
Mike Brown John Crispin Lee Huffman
Intelsat's
Chapter 11 Exit Plan Falters
Posted:
12 April
2021
Intelsat is
asking its Chapter 11 bankruptcy court for more time to deliver its exit
plan from bankruptcy.
A hearing
scheduled for April 14th will see Judge Phillips asked for more time.
Intelsat says the additional time is necessary to ensure that it
maintains control of its case, which is particularly complicated because
of the dozens of subsidiary and sister businesses under various Intelsat
names all of which are affected by the bankruptcy.
Click
HERE
for
further details from
Advanced Television
Welcome New
Members
Posted: March 27, 2021
We are pleased to Welcome the following new members to the Intelsat
Retirees and Alumni Association:
February
2021
Phil Spector
March
2021
Tokuo Oishi Benjamin Smith
Intelsat Court
Hearing on March 17
Posted:
9 March 2021
Intelsat’s Chapter 11 bankruptcy court will hold an
omnibus hearing on March 17th.
The remote video hearing will see Judge Philips hear a
number of motions. Three important items listed for hearing are the
application by Intelsat’s lawyers for the court to approve Intelsat’s
request for an “Expedited” process for its exit plan from bankruptcy.
Click
HERE
for
further details from
Advanced Television
Inaugural
Congress of the Global Alliance for International Collaboration in Space
(GALIX)
Posted: 23 February 2021
You are
cordially invited to register for the Global Alliance for
International Space Collaboration (GALIX) Congress on March 18-19.
(10:00am-12:30pm EDT and 15:00-17:30 pm CET) This global forum
features many key space leaders from around the world including NASA
Chief Scientist James Green, Niklas Hedman of the UN OOSA, Michelle
Hanlon of For All Moonkind, Juan De Dalmau President of the
Internat’l Space Univ., Lucy Stojak of the Canadian Space Council,
Alicia Woodly of Axiom, J-J Tortora of the European Space Policy
Institute, Su-Yin Tan of the Univ. of Waterloo, Canada, Dr. Kai-Uwe
Shrogl of ESA/DLR, and many other notables listed in the Program at GALIX.net.
Please go
to https://www.galix.netand
click on registration page. Notice of the Zoom Address will be sent
to you in coming days. The Purpose of GALIX is to expand
international collaboration in space and to enhance space policy,
financial opportunity, education and training, and regulation to
this end of global partnership. Some fifteen organizations are
working in collaboration on this global initiative. Registration is
on a first come and first serve basis and a Zoom address for this
event will be provided to you in coming days after you are
registered.
Joseph N. Pelton, Chairman of the Board of GALIX, Dean Emeritus,
International Space University, Founder of the Arthur C. Clarke
Foundation, Founding President of the SSPI, Member of the
International Academy of Astronautics
Chairman of
Embattled Satellite Operator Accused of Insider Trading
Posted:
18 January 2021
The chairman of satellite operator Intelsat is
being sued for insider trading in an explosive new shareholder
lawsuit that also dings private-equity giants BC Partners and
Silver Lake Partners, a New York Knicks shareholder.
The Oakland, Calif., federal court lawsuit claims
that David McGlade, Intelsat’s chairman and former CEO, sold
stock in the satellite operator on Nov. 5, 2019 — mere hours
after the company’s CEO learned that the Federal Communications
Commission was leaning against a proposal that would have earned
the company billions.
McGlade made the trade — together with fellow
Intelsat insiders Silver Lake and BC Partners — via a $246
million block sale of 10 million shares, the lawsuit says. Weeks
later, on Nov. 18, the FCC rejected Intelsat’s proposal to run
the sale of government-owned airwaves it had been using for TV
and radio communications — squashing its dreams of a $7
billion-plus windfall. By May, the company had filed for
bankruptcy protection. The stock, which had been trading at
around $23 a share ahead of the insider selling, closed Friday
at 72 cents a share..
The Board of
Directors and Volunteers of the Intelsat Retirees and Alumni Association
wish you peace, joy and good health during your holidays celebrated and a
Happy, Healthy and Prosperous New Year 2021 ahead!
Trial Date Set
for the SES + Intelsat Legal Dispute
Posted 7 December
2020
Intelsat’s
bankruptcy court on December 3 said the dispute
between SES
Americomand
Intelsat would go to trial next June — the news coincides with a
126-page filing to Intelsat’s court from SES that pulls no punches in
its claims.
At the heart of the legal
dispute between SES and Intelsat is an argument over Intelsat’s handling
of an alleged 50-50 agreed division within the C-Band
Alliance (CBA) and how the FCC ‘incentive’ payments over the
reallocation of both satellite operators’ C-band frequencies would be
allocated. SES is claiming $1.8 billion from Intelsat.
The FCC-organized auction over
the sale of the spectrum is now occurring.
The SES vs Intelsat legal action
kicked off with a July 14 claim lodged by SES where SES claimed damages
and which included alleged breaches of contract, fiduciary duties and
unjust enrichment. Intelsat firmly rejected the claim and, in October,
added in its own allegations that SES had “improperly
shared” a confidential report with the FCC and that the SES claims
are without merit.
We are pleased to Welcome the following new members to the Intelsat
Retirees and Alumni Association:
October
2020
Paul Tan William Wu
Welcome New
Members
Posted: September 14, 2020
We are pleased to Welcome the following new members to the Intelsat
Retirees and Alumni Association:
September
2020
James (Jimmy) Ferrara Darren Hutchinson Carmen
Nelson Sanjay Singhal Dianne VanBeber
Intelsat
to Acquire Commercial Aviation Business of Gogo
Posted: 31 August
2020
MCLEAN, Va.--(BUSINESS
WIRE)--Intelsat (OTC:
INTEQ), operator of the world’s largest and most advanced
satellite fleet and connectivity infrastructure, today announced
that it has entered into a definitive agreement to acquire the
commercial aviation business of Gogo (NASDAQ: GOGO), the largest
global provider of in-flight broadband connectivity, for $400
million in cash, subject to customary adjustments.
The transaction further propels Intelsat’s
efforts in the growing commercial in-flight connectivity market,
pairing its high-capacity global satellite and ground network
with Gogo’s installed base of more than 3,000 commercial
aircraft to redefine the connectivity experience.
Gogo’s leading commercial aviation
business provides Intelsat with key airline relationships and
customer-facing capabilities, including a leading software
platform, ISP and network management infrastructure. It
currently serves 21 commercial airlines, including 9 of the top
20 global carriers.
We have lost
contact with these members below. If you have any information on
how to contact them, please send us an EMail at:
info@myiraa.comm
John Crispin Lee Huffman
Welcome New
Members
Posted: August 27, 2020
We are pleased to Welcome the following new members to the Intelsat
Retirees and Alumni Association:
August
2020
Yvonne Graham Neni Gray Javed Hashmi Brian Henderson Van McDevitt
Vishnu Sahay
Herminia Salazar
FCC Concludes
First Mid-Band 5G Auction
Posted:
26 August 2020
By
Colin Mann | August 26, 2020
The US’s FCC has confirmed what it describes as the successful
conclusion of bidding in its auction of Priority Access Licenses in the
3550-3650 MHz band for 5G, raising some $4.5 billion, although it has
yet to name the successful bidders. The auction made available the
greatest number of spectrum licences ever in a single FCC auction.
Click
HERE
for
further details from
Advanced Television
Intelsat
Announces Successful Launch of Galaxy 30 Satellite and Northrop
Grumman's
Second Mission Extension Vehicle
Posted:
15 August
2020
McLean, Va. – August 15, 2020 – Intelsat,
operator of the world’s largest integrated satellite and terrestrial
network, announced the successful launch of Galaxy 30, a geosynchronous
communications satellite that will primarily provide high-performance
television distribution service to Intelsat’s North American customers.
Northrop Grumman’s Mission Extension Vehicle 2 (MEV-2)
was part of the same successful launch today. The Intelsat 10-02
satellite is scheduled to be its first customer in early 2021.
The Northrop Grumman-manufactured Galaxy 30 and MEV-2
launched on the Arianespace Ariane 5 rocket from the Guiana Space Center
near Kourou, French Guiana at 6:04 p.m. EDT. Galaxy 30 separated from
the rocket at 6:31 p.m. EDT, and Intelsat confirmed its signal
acquisition at 7:02 p.m. EDT.
Galaxy 30 is the first satellite in Intelsat’s Galaxy
fleet refresh plan and will replace Galaxy 14 at 125 degrees west once
it is in service in early 2021. The Intelsat Galaxy fleet is the most
reliable and efficient media content distribution system in North
America, offering customers an unmatched penetration of cable head-ends.
We are pleased to Welcome the following new members to the Intelsat
Retirees and Alumni Association:
July
2020
Patrick Drissel Luis F. Gonzalez Cecilia Lewis
Peery B. Lewis (Britt)
C-Band:
SES Wants $1.8bn from Bankrupt Intelsat
Posted:
15 July
2020
By
Chris Forrester July 15, 2020
SES Americom, the US division of the Luxemburg-based
satellite operator, is seeking $1.8 billion (€1.5bn) in damages from
Intelsat which is in bankruptcy.
SES is alleging that Intelsat has breached the contract
between the two operators which was agreed to handle the sale of C-band
frequencies over the US.
The SES filing, lodged on July 14th, argues that Intelsat
and its subsidiary entities are in violation of that contract and
related fiduciary duties related to the C-band consortium agreement.
SES seeks compensation and punitive damages. It also
wants attorney fees and other expenses in relation to arguing the C-band
claim and costs relating to litigating the claim.
Click
HERE
for
further details from
Advanced Television
Bankruptcy Court
Approves $17M Intelsat Bonus Plan
Posted: 2 July 2020
By
Rachel Jewett | July 2, 2020
A bankruptcy court has approved
Intelsat's request for an employee incentive pan worth $17 million,
despite an objection from the U.S. Trustee overseeing the cased.
The U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond
Division, approved the bonuses as part of a Key Executive Incentive Plan
(KEIP) in cour documents filed June 30. The incentives are tied to
certain targets like meeting Cband clearing deadlines.
Six executives are eligible to recieve a maximum of $17,087,561.
CEP Stephen Spengler could reeive a maximum amount of $6,974,100.
The other eligible executives are: CFO David Tolley; General
Counsel Michelle Bryan; Chief Services Officer Michael DeMarco; CCO
Samar Halawi; and Senior Vice President of Strategy and Planning Bruno
Fromont.
Acting U.S. Trustee Jon Fitzgerald III with the
U.S. Department of Justice filed an objection to the bonuses on June 23,
aruguing the plan did not set stringent enough performnce goals, and the
bonuses are not tied to cash flow and will be paid even if the debtors
sustain losses. The objection pointed to $6.9 million in retention
bonuses
pointed to $6.9 million in retention bonuses paid to Intelsat executives
shortly before the company filed for bankruptcy. CEO Stephen Spengler
received $1 million, according to SEC filings.
Intelsat Extends
Liquid Telecom Partnership Across Africa
Posted 29June
2020
Satellite network operator Intelsat
S.A. INTEQ
recently announced the extension of its partnership with Liquid Telecom
to deliver avant-garde and reliable Internet connectivity in the rural
areas of Africa by leveraging its high-throughput satellite fleet.
Markedly, the multi-year strategic agreement between the two companies
underscores Intelsat’s commitment to provide seamless broadband
connectivity for the development of educational institutions and local
businesses, thereby strengthening growth of its critical communications
infrastructure across the continent.
Backed by a unique offering of innovative digital services, Liquid
Telecom is Africa’s leading communications solutions provider that
caters to nearly 13 countries with high-speed connectivity. Further, it
offers best-in-class hosting and co-location services to various mobile
operators, enterprises and media firms. The company operates
state-of-the-art data centers in Cape Town, Johannesburg and Nairobi. It
reportedly established Africa’s largest independent fiber network,
spanning more than 70,000 kilometers. With leading cloud-based services
such as Microsoft Corporation’s MSFT Azure and Office 365, it offers a
steady communications infrastructure that prioritizes traffic within
Africa to reduce latency.
Click
HERE for
further details from Zacks Equity Research
Intelsat, SEC
Detail C-Band Transition Plans
Posted:
22 June 2020
By
Rachel Jewett | June 22, 2020
Intelsat and SES both
filed their C-band spectrum transition plans with the FCC last week on
June 19. The operators are working to meet the FCC’s accelerated
clearing timeline to clear 100 megahertz of mid-band spectrum for
commercial 5G deployment by the end of 2021, and another 180 megahertz
two years later. The operators will be eligible to receive incentive
payments, in addition to relocation costs, if they clear the spectrum on
the FCC’s timeline. Intelsat is eligible to receive $4.87 billion, and
SES is eligible to receive $3.97 billion.
Intelsat’s plan estimates
the total cost of its C-band replacement satellite portion of the
transition plan, including launch, insurance, and program management, to
be $1.18 billion.
The operator is planning for the
construction and launch of seven new satellites to create sufficient
capacity to repack services and effectuate spectrum clearing. Last
week, Intelsat announced that Maxar
Technologies will
build and deliver four satellites, and Northrop
Grumman will build and deliver two satellites. The operator is
also currently in negotiations with manufacturers for a seventh
satellite.
Intelsat
Procures New C-Band Spectrum Transition
Posted: 15 June 2020
Contracts in place with U.S. manufacturers Maxar Technologies and
Northrop Grumman
June 15, 2020
MCLEAN, Va.--(BUSINESS
WIRE)--Intelsat,
operator of the world’s largest integrated satellite and terrestrial
network, today announced that it has contracted for new satellites with
U.S. manufacturers, a necessary step to meet the accelerated C-band
spectrum clearing timelines established by the Federal Communications
Commission (FCC) earlier this year.
Intelsat has entered into two new agreements; one with Maxar
Technologies to build and deliver four satellites, and another with Northrop
Grumman to build and deliver two satellites. Intelsat is currently
in negotiations with manufacturers for a seventh satellite required to
support its C-band transition.
Later this week, Intelsat plans to file its full C-band
spectrum transition plan with the FCC in accordance with the FCC’s
revised timeline. The plan will provide additional manufacturing and
launch details for new satellites and outline the steps that Intelsat
will take to reconfigure its terrestrial-based infrastructure and to
ensure a successful transition.
Busy Bankruptcy
Court for Intesat
Posted 11 June
2020
As well as approving
a $1 billion ‘debtor
in possession’ loan, Intelsat’s bankruptcy court had an extremely busy
‘omnibus’ day on June 9th dealing with dozens of applications and
motions.
The court
approved the rate of interest that Intelsat must pay to the lenders
Credit Suisse on the $1 billion loan. Intelsat has to pay an immediate
1.5 per cent, and then an expensive 3.6 per cent (the “ticking fee”) per
month just like a taxicab fare and designed to encourage Intelsat not to
stretch the whole bankruptcy process out too long.
While the $1 billion loan grabbed the most headlines, the
court also agreed a motion that – in essence – permits the sale of
Spaceflight Industries, in which Intelsat has a $50 million loan, to
Mitsui & Co. Intelsat had made the loan to Spaceflight because it wanted
to participate in a Spaceflight subsidiary (BlackSky, which is an Earth
observation business). Intelsat still has a “right to purchase” option
in Spaceflight/BlackSky.
We are pleased to Welcome the following new members to the Intelsat
Retirees and Alumni Association:
June
2020
Tom Barr Patty Harrison Alan Shingler Maria
Stefanita
Investors Accuse
Intelsat Insiders of Trading on C-Band News
Posted: 8 June 2020
Law360 (June 8, 2020. 5:07 PM
EDT) --
Investors claim major stakeholders in satellite giant Intelsat
dodged $185 million in losses by trading on nonpublic information
about a Federal Communications Commission plan to publicly auction
C-Band spectrum.
Three institutional investors filed suit in California federal court
Friday against BC Partners LLP and Silver Lake Group LLC, two
investment firms that unloaded $246 million worth of their Intelsat
stock on Nov. 5, the same day the FCC allegedly told Intelsat's CEO
the agency would not approve Intelsat's proposal for a private sale
of the spectrum.
The FCC said Nov. 18 that a public auction would be held instead,
meaning that Intelsat would no longer rake in the more than $7
billion it had expected had the private sale gone through and
leading it to file for bankruptcy in May, according to the
complaint. Two days after the announcement, Intelsat's stock price
plunged by nearly 80%, the investors say.
"By offloading significant holdings of Intelsat common stock ahead
of the FCC's announcement, BC Partners and Silver Lake, who were
also parties to joint shareholding agreements, avoided approximately
$185 million in losses," the putative class action alleges. "Their
actions constitute blatant violations of their obligation to
disclose or abstain from trading and present a classic case of
insider trading."
Intelsat, a Luxembourg-based satellite operator that provides
television and radio communications, started working with the FCC in
2017 to determine whether it could free up a portion of its coveted
3.7 to 4.2 gigahertz band, or C-Band, for future 5G use, according
to the suit.
The company and other satellite operators proposed a private sale
process that they would manage and could reap billions of dollars —
in a June 2018 report, RBC Capital Markets predicted that a private
sale would raise Intelsat's target stock price from $5 to $30,
according to the complaint.
On Nov. 5, FCC senior counsel met with Intelsat's CEO to review its
proposal for a private auction of some C-Band spectrum, but "based
on the conduct of the parties and the timing and sequence of
events," it appears the CEO was told the FCC "was unlikely to
approve Intelsat's proposal," the suit says.
After the market closed that day, Intelsat's controlling
shareholders, BC Partners and Silver Lake, began urgently shopping
10 million Intelsat shares at a price of $24.60 per share,
representing a 6% discount on its closing price that day, the suit
says. The investors claim the firms instructed their broker to
insist that buyers had only an hour to decide whether to purchase.
"The shares were sold the next day to investors who had no idea what
had transpired at the November 5, 2019 meeting with the FCC,"
according to Friday's suit. "To the contrary, they, like the rest of
the investing public, had been led to believe that the private sale
was on track and when consummated would result in Intelsat receiving
more than $7 billion for its share of the spectrum."
BC Partners has representation on Intelsat's board of directors
along with an information rights agreement with Intelsat, which
Silver Lake also has, providing both stakeholders with
"contractually bargained-for access to material, non-public
information about Intelsat," the investors allege, including
information about the Nov. 5 meeting.
The two stakeholders had also never sold a single share of Intelsat
stock until their "fortuitously timed sale of 20% of their total
position" after trading closed on Nov. 5, the suit claims.
On Nov. 18, the FCC rejected Intelsat's proposal, and FCC Chairman
Ajit Pai appeared to foreclose any future prospects, backing a
public rather than private auction of the C-Band spectrum.
Intelsat's stock price plunged, wiping out $700 million in market
capitalization in two days. On May 14, Intelsat filed for Ch. 11
protection.
The institutional investors are hoping to hold the two firms, along
with Intelsat directors and BC Partners principals Raymond Svider
and Justin Bateman, liable for the alleged stock drops. Individual
investor James Hill also filed a similar suit in the same court back
in April.
Silver Lake declined to comment. BC Partners and counsel for the
investors did not immediately respond to requests for comment
Monday.
The investors are represented by Marc M. Seltzer and Krysta Kauble
Pachman of Susman Godfrey LLP and Andrew J. Entwistle of Entwistle &
Cappucci LLP.
Counsel information for the investment firms was not available
Monday.
The case is FNY Partners Fund LP et al v. BC Partners LLP et al.,
case number 3:20-cv-03741, in the U.S. District Court for the
Northern District of California.
Intelsat (INTEQ- Free
Report)
came out with a quarterly loss of $1.48 per share versus the Zacks
Consensus Estimate of a loss of $1.37. This compares to loss of $0.87
per share a year ago. These figures are adjusted for non-recurring
items.
This quarterly
report represents an earnings surprise of -8.03%. A quarter ago, it was
expected that this communications and satellite company would post a
loss of $0.99 per share when it actually produced a loss of $0.81,
delivering a surprise of 18.18%.
Over the last
four quarters, the company has surpassed consensus EPS estimates just
once.
Intelsat, which
belongs to the Zacks Satellite and Communication industry, posted
revenues of $458.82 million for the quarter ended March 2020, missing
the Zacks Consensus Estimate by 5.79%. This compares to year-ago
revenues of $528.45 million. The company has topped consensus revenue
estimates three times over the last four quarters.
The
sustainability of the stock's immediate price movement based on the
recently-released numbers and future earnings expectations will mostly
depend on management's commentary on the earnings call.
Intelsat shares
have lost about 93.5% since the beginning of the year versus the S&P
500's decline of -3.3%.
C-Band: Eutelsat Complains Over Intelat/SES 'Incentives'
Posted 3 June
2020
By Chris Forrester June 3, 2020
Eutelsat, not for
the first time, has formally complained to the FCC over the Commission’s
ruling that it would pay around $5 billion to both Intelsat and SES in
‘incentive payments’ for clearing certain C-band frequencies over the
USA.
In essence,
Eutelsat is fearful that the payments – and the related reimbursements
of actual costs of new C-band satellites over the US – will mean that
Intelsat and SES will use the cash to expand functionality and coverage
beyond a one-for-one simple replacement scheme. Eutelsat says the FCC’s
official estimates (aided by analysis by RKF Engineering Solutions) of
the costs of these replacement satellites are far too high and thus are
more sophisticated satellites than currently being used.
Both Intelsat and SES are looking to order between four
and six satellites to replace the lost frequencies. SES, speaking to
Advanced-Television on June 2nd,
said that it was still in negotiation on the satellite contracts but it
was likely that six satellites would ordered, although two would be
ground spares.
EXCLUSIVE: Intelsat Shareholders Send
Angry Letter Asking for Representation in Bankruptcy Court
Posted: 28 May 2020
By
Rachel Jewett | May 28, 2020
Intelsat shareholders
are banding together to make sure their interests are represented in the
company’s Chapter 11 bankruptcy proceedings, according to a letter that
was filed with Acting United States Trustee John Fitzgerald III, who
monitors the case.
Via Satellite obtained
a copy of the letter, which was signed by a group of 73 Intelsat
shareholders representing 2.3 million shares. In the letter, the
shareholders ask Fitzgerald for an equity committee to represent them.
The letter details common shareholders’ concerns that they are not being
fairly treated by Intelsat management, and as the two largest
shareholders, Cyrus
Capital Partners and Appaloosa
LP, own
both equity and debt in the company, they may be willing to accept a
deal that will wipe out common shareholders.
Click
HERE for
further details from Zacks
Equity Research
Welcome New
Members
Posted: 26 May 2020
We are pleased to Welcome the following new members to the Intelsat
Retirees and Alumni Association:
May
2020
Pasquale Delli Carpini Bill Pagden Jim Redpath
Intelsat Opts
into FCC Accelerate C-Band Clearing Plan
Posted: 26 May 2020
Company mobilizes operations to accelerate C-band clearing for U.S.
5G
May 26, 2020
04:23 PM Eastern Daylight Time
MCLEAN, Va --
(BUSINESS WIRE) -- Intelsat, operator of the worl's largest integrated
satellite and terrestrial network, today filed a written commitment with
the U.S. Federal Communications Commissin (FCC) to accelerate clearing
of the U.S. C-band spectrum. Intelsat comleted the filing in
advance of the FCC's May 29 deadline.
Intelsat (I)
Files for Bankruptcy, Aims to Emerge Stronger
Posted: 15 May 2020
Intelsat S.A. I
has reportedly filed for bankruptcy protection in order to raise cash
and prepare the spectrum for public auctioning as it remains weighed
down by the huge debt burden. The company expects that Chapter 11
bankruptcy protection funding will enable it to tide over the storm
until billions of dollars are made available through public auctioning
of its C-band spectrum later this year.
In concurrence with the bankruptcy filing, Intelsat has
earmarked $1 billion in debtor-in-possession financing to sustain
operations during the proceedings and make necessary investments to prop
up the spectrum for the auction. The company expects to emerge stronger
from this financial restructuring process with greater fiscal viability
to continue launching new satellites, building a comprehensive ground
network and adding innovative services to its portfolio.
Despite all these endeavors, the stock has plummeted
97.6% in the past year. Notably, Intelsat’s shares declined sharply in
November 2019 when investors resorted to panic selling as the Federal
Communications Commission (“FCC”) lent its support to the Congress’ move
to hold a public auction for its C-band spectrum. The stock declined
67.1% in 2019, making it the worst performer in the Zacks Satellite and
Communication industry.
FCC Plans to
Auction C-Band Airwaves Despite Intelsat Bankruptcy
Posted: 14 May 2020
by Todd Shields
(
Bloomberg)
-- The Federal Communications Commission said it would move
forward with an auction of valuable airwaves following the
bankruptcy filing of Intelsat SA, which occupies many of the
frequencies to be sold.
Intelsat weighted down by almost $15 billion of debt, filed
for bankruptcy protection as part of efforts to raise caseh
needed to prepare its spectrum for a U.S. government
auction.
The FCC "will continue to move forward with the C-band
auction proces," a spokesman said in an emailed message
Thrusday. The agency "appreciates" Intelsat's
statement that a catalyst for its filing is a desire to get
ready for the auction, the spokesman said.
The agency has set a Dec. 8 start date for the airwaves
sale. Preparations must begin months ahead of that
time, as current ocupants of the airwaves make room for new
wireless users. Intelsat said it needs to spend more
than $1 billion to prepare long before costs are reimbursed.
With its Chapter 11 filing in Virginia, the Luxembourg-base
company said it lined up $1 billion in financing to fund
operations during bankruptcy roceedings and make investments
required ahead of the auction.
Intelsat
Undertakes Financial Restructuring to Pave the Way for Future Innovation
and Growth
Posted 14 May
2020
Strengthened Balance Sheet Will Complement Strong
Operating Model
Process Intended to Enhance Liquidity to Support
Accelerated C-Band Clearing and Continued Investment; Expected to Result
in a Substantial Reduction of Legacy Debt Burden
Commitment Obtained for $1 Billion in
Debtor-in-Possession Financing
Service to Customers to Remain at Same Level of
Excellence
PRESS RELEASE
14 MAY 2020
McLean, VA – May 13, 2020 – Intelsat
S.A. (NYSE: I) (“Intelsat” or the “Company”), operator of the world’s
largest and most advanced satellite fleet and connectivity
infrastructure, today announced that it has undertaken a financial
restructuring to position the Company for long-term success. The
restructuring process is intended to enhance the Company’s liquidity and
will likely result in a substantial reduction of Intelsat’s legacy debt
burden, allowing for Intelsat to emerge with a strengthened balance
sheet to complement its strong operating model and future growth plans.
One of the primary catalysts for restructuring the
balance sheet now is Intelsat’s desire to participate in the accelerated
clearing of C-band spectrum under the Federal Communications Commission
order in support of a build-out of 5G wireless infrastructure in the
United States. To meet the FCC’s accelerated clearing deadlines and
ultimately be eligible to receive $4.87 billion of accelerated
relocation payments, Intelsat needs to spend more than $1 billion on
clearing activities. These clearing activities must start immediately,
long before costs begin to be reimbursed. The Company is also managing
the economic slowdown impacting several of its end markets caused by the
COVID-19 global health crisis.
“This is a transformational moment in the history of our
company,” said Stephen Spengler, Chief Executive Officer of Intelsat.
“Intelsat is the pioneer and foundational architect of the satellite
industry. For more than 50 years, we have been respected for quality,
innovation, sector leadership, and premium services. Our success has
come despite being burdened in recent years by substantial legacy debt.
Now is the time to change that. We intend to move forward with the
accelerated clearing of C-band spectrum in the United States and to
achieve a comprehensive solution that would result in a stronger balance
sheet. This will position us to invest and pursue our strategic growth
objectives, build on our strengths, and serve the mission-critical needs
of our customers with additional resources and wind in our sails.”
Intelsat Files
for Bankruptcy Protection
Posted: 14 May 2020
Darrell
Etherington | TechCrunch-May 14, 2020
Global satellite
operator
Intelsat
has voluntarily filed for Chapter 11 bankruptcy protection, the company
announced late on Wednesday. Intelsat has attempted to
position this
as a positive momentthat sees it
embark on a "financial restructuring" project to enable its future growth, but a
bankruptcy filing is seldom cause for celebration.
The company cites
a need to participate in the FCC's C-band spectrum clearing for 5G
network build out in the U.S. as one of the factors behind its decision
to file, as well as "managing the economic slowdown impacting several of
its markets caused by the COVID-19 global heath crise."
Intelsat notes
that its current plan involves no changes to the day-to-day operation of
the company, or any reduction in the headcount. The company also
said that it has secured $1 billion in committed new financing, which
will come in the form of debtor-in-position funds, subject to court
approval. That just describes any company that plans to continue
to operate its business while also undergoing Chapter 11 bankruptcy
proceedings.
Sen. Kennedy: Intelsat Bankruptcy Changes
C-Band Compensation Equation
Posted: 14 May 2020
Says FCC should reverse its course and keep money for
the treasury
John Eggerton | May 14, 2020
Satellite services provider Intelsat has announced a
"financial restructuring to position [it] for long-term success" at what
it called a "transformational moment in the history of our company," or,
as Intelsat critic Sen. John Kennedy (R-La.) put it: "Intelsat’s
decision to file for bankruptcy."
On that news, whichever way one looks at it, Kennedy said
the FCC should "withdraw its offer, take control of America’s spectrum
and save taxpayers billions of dollars instead of shelling out that
money to foreign companies."
He said the Intelsat filing makes it clear that Intelsat
"had no intention of accepting the FCC’s deal." Intelsat in a tweet on
the restructuring said its business would continue "without
interruption."
That "offer" was a reference to the FCC's decision to
provide billions of dollars in incentives and auction proceeds to
Intelsat and other satellite service providers to give up 300 MHz of
spectrum (out of a total of 500 MHz) in the C-Band for 5G.
Click
HEREfor
further details from
MultiChannel News
Intelsat Files for Chapter 11 Before 5G
Spectrum Sales
Posted: 14 May 2020
Allison McNeeley and Steven church | Bloomberg May 14, 2020
(Bloomberg) --
Intelsat SA, the satellite company weighed down by almost $15 billion of
debt, filed for bankruptcy protection as part of efforts to raise cash
needed to prepare its spectrum for a U.S. government auction.
With its Chapter
11 filing in Virginia, the Luxembourg-based company said it lined up $1
billion in financing to fund operations during bankruptcy proceedings
and make investments required ahead of the auction.
Under rules set
by the Federal Communications Commission, Intelsat may collect $4.86
billion for quickly giving up the so-called C-band spectrum so the
airwaves can be used by mobile phone companies to provide 5G services.
The satellite company uses the spectrum to beam TV and radio programs to
stations, but can give up part of it while still serving customers on
frequencies it retains.
“We intend to
move forward with the accelerated clearing of C-band spectrum in the
United States and to achieve a comprehensive solution that would result
in a stronger balance sheet,” Stephen Spengler, Intelsat CEO, said in
the statement.
As reported, a key
catalyst for the move is the company's desire to reap the benefits
(a multibillion-dollar payout in particular) of the FCC's clearing
C-band spectrum for use in 5G wireless infrastructure.
In order to be eligible to
receive $4.87B in accelerated relocation payments, the company needs
to spend more than $1B on clearing activities, it says. And it's
secured a commitment for $1B in debtor-in-possession financing.
It's filed first-day motions
in order to maintain business-as-usual operations. No changes to
operations or workforce are planned.
The motions cover Intelsat
and certain subsidiaries; Intelsat General (serving U.S. commercial,
government, and Allied military customers) is not part of the
bankruptcy filing.
The company's publishing
more detailed information at Intelsatonward.com,
and court filings can be found here.
Intelsat Files
for Chapter 11 Bankruptcy
Posted: 14 May 2020
Allison McNeeley and Steven church | Bloomberg May 14, 2020
(Reuters) - Satellite operator Intelsat SA said late on Wednesday that
it filed for Chapter 11 bankruptcy protection, making it the latest
casualty of severe business disruptions caused by the COVID-19 pandemic.
The company listed assets and liabilities in the range of $10 billion to
$50 billion, according to a filing in the U.S. Bankruptcy Court for the
Eastern District of Virginia.
Intelsat also said it had received $1 billion in debtor-in-possession
financing.
The pandemic has inflicted widespread financial pain across sectors
including retail and aviation, with many companies considering
bankruptcy options as a way to restructure their debt load.
The company's Chapter 11 filing comes more than a month after it
suspended its 2020 outlook and said it would delay filing its
first-quarter results.
Chapter 11
Filing Gives Intelsat Leverage in C-Band Auction
Posted: 14 May 2020
By Mark Holmes
Rachel Jewett | May 14, 2020
Intelsat has
positioned its filing
for Chapter 11 bankruptcy protection as
a move that will give the company liquidity to support clearing the
C-band spectrum — but it’s possible that bankruptcy proceedings could
put the auction at risk.
Intelsat and some of its subsidiaries filed on Wednesday
in the U.S. Bankruptcy Court for the Eastern District of Virginia,
Richmond Division.Intelsat,
which operates a fleet of about 50 satellites, had approximately $14.7
billion principal in outstanding third party debt at the end of 2019,
according to the company’s most recent 10-K filing with the Securities
and Exchange Commission.
The company’s upbeat “Intelsat Onward” announcement made
clear that its desire to receive accelerated relocation payments for
clearing C-band spectrum was a factor in filing. Intelsat is eligible to
receive the largest share, $4.87 billion, about half of the total
payments. Intelsat said it needs to spend more than $1 billion on
clearing activities, which must start immediately, and costs will not be
reimbursed until later.
Intelsat (NYSE:I) has made a sudden leg down, now -9%,
following headlines from Reorg that the company may file for Chapter
11 bankruptcy as soon as tonight.
Bonds have been slipping
toward record lows as it nears the expiraton of a 30-day grace
period on some of its debt. It had skipped April 15 interest
payments on some debt. .
And by yesterday, its Luxembourg 8.125% notes due 2023 fell to 6
cents on the dollar
Ahead of the April 15 deadline, JPMorgan was reportedly shopping a
debtor-in-possession loan for the company.
Intelsat needs fund to partake in the multibillion-dollar windfall
of a public midband spectrum safe, but lenders may be wary of providing that
outside of bankruptcy.
Shares closed today $.7881/share
Intelsat and
Andesat Bring Mobile Broadband to Rural Communities in Peru
Posted: 12 May 2020
Andesat Perus launches "#TeConectamosPeru" to expand
life-changing cellular and internet coverage to remote areas
of Latin America
CORAL GABLES, Fla. &
LIMA, Peru ((BUSINESS
WIRE)--Intelsat (NYSE:
I) and Andesat are
parterning to bring end-to-end mobile broadband (3G) service
to remote communities across Peru. The two companies
have develope a new model that will quickly and efficiently
bring life-changing 3G access to 154 rural Peruvian
communities in 2020, and as many as 400 remote sites in Peru
over the next 18 months.
Shareholder
Urges Intelsat to Void Defaulting into Bankruptcy
Posted: 5 May
2020
by
Caleb Henry
-
May 5 2020
WASHINGTON — A shareholder is urging Intelsat’s
leadership to quickly make an overdue debt payment to avoid potentially
falling into bankruptcy.
Cyrus Capital Partners, a $4 billion investment advisory
firm with offices in New York and London, said Intelsat appears to be
headed for a Chapter 11 bankruptcy filing after it skipped a $125
million interest payment due April 15.
The skipped payment triggered a 30-day grace period for
Intelsat to complete the payment before defaulting. Intelsat’s
subsidiary Intelsat Jackson, which holds the majority of the operator’s
$14.7 billion debt, owes the late interest payment.
In a letter released May 5, Cyrus Capital said an
Intelsat bankruptcy could severely jeopardize the satellite operator’s
ability to collect up to $4.86 billion in FCC incentive payments for the
rapid clearing of 300 megahertz of C-band spectrum Intelsat uses mainly
for television broadcasting in the United States.
Intelsat has until May 29 to decide whether it will
participate in the FCC’s accelerated spectrum clearing program. A
different Intelsat shareholder, Appaloosa of Short Hills, New Jersey,
urged the company in February to press the FCC for a higher amount even
if it means Intelsat going into bankruptcy.
Global Services Sues FCC Over C-Band
Order
Posted: 5 May 2020
by
Rachel Jewett
-
May, 2020
PSSI Global
Services is suing the FCC over
its plan to reallocate the C-band spectrum for 5G services, arguing the
order approved
in February will
“destroy” its special event satellite broadcast transmission services.
The suit was filed April 28 in D.C. federal court.
PSSI operates a fleet of more than 60 C-band and Ku-band
vehicles and provides live event transmission, distribution and
programming insert reception, including global satellite communication
services. The company said that its Occasional Use (OU) services for
events like the Academy Awards and the NFL Super Bowl are particularly
in jeopardy. OU services use transportable earth stations, which require
satellite Line-of-Sight (LOS) access and transponder frequency clearance
to connect with a particular satellite and transponder.
Were Hedge
Funds Right About Intelsat S.A. (I)?
Posted: 4 May 2020
Asma
UL Husna, Insider Monkey May 4 2020
We hate to say this but, we told
you so. On February 27th we published an article with the title
Recession is Imminent: We Need A Travel Ban NOW and predicted a US
recession when the S&P 500 Index was trading at the 3150 level. We also
told you to short the market and buy long-term Treasury bonds. Our
article also called for a total international travel ban. While we were
warning you, President Trump minimized the threat and failed to act
promptly. As a result of his inaction, we will now experience a deeper
recession (see
why hell is coming).
In these volatile markets we
scrutinize hedge fund filings to get a reading on which direction each
stock might be going. Our extensive research has shown that imitating
the smart money can generate significant returns for retail investors,
which is why we track nearly 835 active prominent money managers and
analyze their quarterly 13F filings. The stocks that are heavily bought
by hedge funds historically outperformed the market, though there is no
shortage of high profile failures like hedge funds' 2018 losses in
Facebook and Apple. Let's take a closer look at what the funds we track
think about Intelsat S.A. (NYSE: I) in this article.
Intelsat S.A. (NYSE:I) shares
haven't seen a s of action during the fourth quarter. Overall, hedge
fund sentiment was unchanged. The stock was in 49 hedge funds'
portfolios at the end of the fourth quarter of 2019. The level and the
change in hedge fund popularity aren't the only variables you need to
analyze to decipher hedge funds' perspectives. A stock may witness a
boost in popularity but it may still be less popular than similarly
priced stocks. That's why at the end of this article we will examine
companies such as Third Pont Reinsurance Ltd (NYSE: TPRE), Hollysys
Automation Technologies Ltd (NASDAQ: HOLI), and Urstadt Biddle
Properties Inc (NYSE: UBA) to gather more data points. Our calculations
also showed that I isn't among the
30 most popular stocks among hedge funds (click for Q4 rankings and
see the video at the end of this article for Q3 rankings).
Click
HERE
for
further details from Yahoo/InsiderMonkey
Shares closed
today $1.13/share
Intelsat Announces New Investor Relations
Vice-President
Posted: 30 April
2020
Industry
veteran brings expertise in cultivating strong relationships with
investment community
Intelsat (NYSE: I), operator of
the world's largest integrated satellite and terrestrial network, today
announced that Tahmin O. Clarke has joined the company as Vice President
of Investor Relations.
Based in
the company’s McLean, Va. office, Clarke is responsible for managing the
company’s relationships with shareholders, bondholders and lenders, and
the equity and fixed income research analyst community. He will report
to Intelsat Executive Vice President and Chief Financial Officer David
M. Tolley.
"Tahmin’s
financial acumen and deep expertise in leading investor communications
in the communications sector will serve as a tremendous asset to us,
especially during this time of industry transition as we evaluate our
future opportunities," said Tolley. "He brings a deep understanding of
the complexities of our sector and a reputation for proactive
relationship-building and stakeholder communications. We’re thrilled to
welcome him to the Intelsat family."
Intelsat
CEO Steve Spangler Talks C-Band, Covid, and Chapter 11
Posted: 28 April 2020
Click
HERE
for the interview by
Mark Holmes of Via Satellite
Welcome New
Members
Posted: 23 April 2020
We are pleased to Welcome the following new members to the Intelsat
Retirees and Alumni Association:
April 2020 Lizbeth Fountain Ivette Fournier Michael Hughes
For the First
Time Ever, a Robotic Spacecraft Caught an Old Satellite and Extended Its
Life
Posted: 17 April
2020
Published FRI APR 17 2020-9:18 AM EDT
Michael Sheetz @THESHEETZTWEETZ
Intelsat's I
S-901
satellite is nearly 20 years old, and well beyond its expected lifespan,
but a small spacecraft built by Northrop
Grumman succeeded
in docking with the satellite and giving it another five years of
service, the companies announced on Friday.
The feat is a space industry first, as extending the life of spacecraft
already in orbit has only been done with human help before – such as the
Hubble telescope servicing missions conducted by NASA astronauts.
Northrop Grumman’s spacecraft MEV-1 successfully docked with IS-901 on
Feb. 25. Intelsat’s satellite was launched in June 2001 and was only
intended to serve for 13 years, providing communications services in the
Atlantic Ocean region. The satellite is in a fixed position above the
Earth in what is known as geosynchronous orbit – tens of thousands of
miles up to provide as wide a coverage area as effectively possible.
Intelsat
Seeks Bankruptcy Protection Fund for Sustainability
Posted: 15 April 2020
Intelsat S.A. I
is reportedly seeking the cushion of a bankruptcy loan to
sustain operations as its shares continue a steady
downtrend. The company expects that Chapter 11 bankruptcy
protection funding will enable it to tide over the storm
until billions of dollars are made available through public
auctioning of its C-band spectrum later this year.
Intelsat’s shares declined sharply in
November 2019 when investors resorted to panic selling as
the Federal Communications Commission (“FCC”) lent its
support to the Congress’ move to hold a public auction for
its C-band spectrum. The stock declined 67.1% in 2019,
making it the worst performer in the Zacks Satellite and
Communication industry.
Click
HERE
for
further details from
Yahoo/Zacks Equity Research
Shares closed today
$1.04/share
Why Intelsat's 5G Dreams Are Crashing to
Earth
Posted 14 April
2020
By Aaron PressmanApril 14, 2020, 2:30 PM EDTSatellite communications cmpany
Intelat is close to bankrptcy after a years-long gambit to profit
from selling some of its airwave licenses for 5G wireless networks
has fallen short.The company, responsible for
transmitting most programming for cable and broadcast netorks acros
the country ith its satellites, is lining up financing known as a
debtor-in-possession loan, used to maintain operations during a
Chapter 11 bankruptcy, Bloomberg reported on Tuesday. The
company had earlier hired investment bank PJT Partners and law firm
Kirkland & Ellis for a possible filing, Bloomberg noted.The rapid financial demis comes
after the Federal Communications Commission rejected a plan from
Intelsat and other satellite communications companies to et them
directly sell spectrum know as the C-band to wireless carriers that
could use the airwaves for 5G networks. Analysts said such a
sale could bring $30 billion to $50 billion in bids from telecom
companies desperate for more airwaves to use for superfast 5G
service.But the plan ignited heated and
bipartisan opposition in Congress to letting foreign-based satellite
companies collect such huge sums. among current C-band
holders, Intelsat and SES are legally based in Luxembourg, Telesat
is Canadian, and Eutelsat Communications is based in France.
Intelsat Seeks Bankruptcy Loan While
Awaiting Key Spectrum Sale
Posted 14 April
2020
By Katherine Doherty, Sridhar
Natarajan, and Allison McNeelyApril 13, 2020, 9:15 PM EDt
Updated on April 14, 2020, 10:02 AM EDT
Intelsat SA is seeking backers for a bankruptcy loan that would keep
the satellite service in business under Chapter 11 court protection
while it’s waiting for billions of dollars in proceeds from a government
spectrum auction. Its bonds led decliners in the high-yield market.
JPMorgan Chase & Co. is shopping the debtor-in-possession loan to
institutional investors, many of whom specialize in financial
restructuring, according to people with knowledge of the plans. The loan
of about
$750 million would help fund necessary improvements to Intelsat’s
spectrum ahead of the C-Band auction set to begin later this year.
No formal decisions have been made on the loan, said one of the
people. The situation remains fluid and plans could change, depending on
market conditions,
the people said. They asked not to be identified discussing the private
arrangements.
The company’s bonds fell Tuesday, with its 8.5% notes due 2024
dropping 4.8 cents on the dollar to 56.9 cents, according to Trace data.
Are Options Traders Betting on a Big Move
in Intelsat (I) Stock?
Posted: 27
March 2020
Investors in Intelsat
S.A. I need to pay close attention to the stock based on moves
in the options market lately. That is because the Jun 19, 2020 $3.00
Call had some of the highest implied volatility of all equity options
today.
What is Implied
Volatility?
Implied volatility shows how much movement the market is
expecting in the future. Options with high levels of implied volatility
suggest that investors in the underlying stocks are expecting a big move
in one direction or the other. It could also mean there is an event
coming up soon that may cause a big rally or a huge sell-off. However,
implied volatility is only one piece of the puzzle when putting together
an options trading strategy.
What do the Analysts
Think?
Clearly, options traders are pricing in a big move for
Intelsat shares, but what is the fundamental picture for the company?
Currently Intelsat is a Zacks Rank #3 (Hold) in the Satellite and
Communication industry that ranks in the Top 31% of our Zacks Industry
Rank. Over the last 60 days, no analysts have increased their earnings
estimates for the current quarter, while one analyst has revised the
estimate downward. The net effect has taken our Zacks Consensus Estimate
for the current quarter from a loss of $1.31 per share to a loss of
$1.13 in that period.
Click
HERE
for
further details from
Yahoo/Zacks Equity Research
Shares closed today $1.76/share
Intlesat (I)
Flat as Market Gains: What You Should Know
Posted: 26 March
2020
In the latest
trading session, Intelsat (I) closed at $1.92, marking no change from
the previous day. This change lagged the S&P 500's 6.24% gain on the
day. Elsewhere, the Dow gained 6.38%, while the tech-heavy Nasdaq added
5.6%.
Heading into
today, shares of the communications and satellite company had lost
55.56% over the past month, lagging the Computer and Technology sector's
loss of 17.19% and the S&P 500's loss of 21.22% in that time.
Wall Street will
be looking for positivity from I as it approaches its next earnings
report date. The company is expected to report EPS of -$1.13, down
29.89% from the prior-year quarter. Meanwhile, our latest consensus
estimate is calling for revenue of $488.36 million, down 7.59% from the
prior-year quarter.
Click
HERE
for
further details from
Yahoo/Zacks Equity Research
Shares closed today
$1.92/share
Intelsat (I)
Down 54.6% Since Last Earnings Report: Can it Rebound?
Posted: 21 March 2020
It has been about
a month since the last earnings report for Intelsat (I). Shares have
lost about 54.6% in that time frame, underperforming the S&P 500.
Will the recent
negative trend continue leading up to its next earnings release, or is
Intelsat due for a breakout? Before we dive into how investors and
analysts have reacted as of late, let's take a quick look at the most
recent earnings report in order to get a better handle on the important
catalysts.
Intelsat Q4 Loss
Narrower Than Expected, Revenues Fall
Intelsat reported relatively modest fourth-quarter 2019 results with
both the top and bottom line exceeding the respective Zacks Consensus
Estimate. However, revenues were down year over year as media revenues
declined due to the increasing importance of digital platforms content.
Click
HERE
for
further details from Yahoo/Zacks Equity
Research
Intelsat (I) Collaborating with SpaceX
for IS-40e Launch
Posted 18 March
2020
After the launch of Intelsat
S.A.’s
I 35e geostationary communications satellite (COMSAT), the
pioneer of space technology services is all set to launch
another high-throughput satellite into the space — Intelsat
40e (IS-40e). Equipped with best-in-class capabilities of
managed hybrid-connectivity, Intelsat has teamed up with a
space transportation services company — SpaceX — for the
launch.
Slated to be launched in 2022, IS-40e will be
manufactured by a leading space technology company — Maxar
Technologies Inc. MAXR. Markedly, the yet-to-be-launched
Intelsat satellite will be sent to its target orbit by
SpaceX’s much-acclaimed Falcon 9 launch vehicle.
Interestingly, this will be SpaceX’s second launch for
Intelsat, the first one being Intelsat 35e in 2017.
Click
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Shares closed today
$1.625/share
Welcome New
Member
Posted: 15 March 2020
We are pleased to Welcome the following new member to the Intelsat
Retirees and Alumni Association:
March 2020 Patrick Yeung
Implied
Volatility Surfing for Intelsat (I) Stock Options
Posted: 4 March
2020
WASHINGTON — The FCC says it will scrap a $9.7 billion
spectrum clearing incentive package approved last week if Intelsat and
SES don’t both agree to the terms.
Satellite operators Intelsat, SES, Eutelsat, Telesat and
Embratel Star One are eligible collectively to win up to $9.7 billion in
accelerated payments if they can clear 300 megahertz of C-band spectrum
by Dec. 5, 2023 — two years faster than the FCC’s deadline.
But according to a final plan the FCC released March 3,
companies eligible for at least 80% of the accelerated clearing payments
must participate in order for the program to proceed.
Eutelsat, Telesat and Embratel Star One only account for
9% of the accelerated clearing payments, meaning the FCC’s threshold
requires Intelsat and SES involvement.
Payment allocations set
The FCC is offering the $9.7 billion in accelerated
clearing payments to encourage satellite operators to vacate 300
megahertz of C-band spectrum more quickly to make way for cellular
networks’ 5G services. The clearing payments are in addition to
relocation costs, estimated at up to $5.2 billion in the FCC’s plan.
Relocation costs include buying new spacecraft, satellite dishes and
other equipment to continue offering service with less spectrum.
Intelsat is eligible for $4.87 billion in accelerated
clearing payments, up $13.6 million from the FCC’s original plan, but a
far cry from the $5.8 billion to $6.5 billion the company sought in
recent weeks.
FCC Releases
Final C-Band Offer
Posted: 4 March
2020
The FCC released
its final report and order on repurposing C-band spectrum for 5G on
Tuesday, slightly shifting the amounts that satellite operators can
receive in accelerated relocation payments to clear the spectrum
quickly.
The document was released after the FCC
voted 3-5 on Feb. 28 to repurpose the spectrum. Satellite
operators are required to clear the spectrum, and the FCC will hold a
public auction for licenses to that spectrum, starting Dec. 8 of this
year. Satellite operators with licenses for the spectrum will receive
both compensation for the cost to relocate the spectrum and accelerated
relocation payments to incentivize them to clear the spectrum quickly,
$9.7 billion total, divided between Intelsat, SES, Telesat, Eutelsat,
and Star
One.
WASHINGTON — The U.S. Federal Communications Commission on Feb. 28
voted to auction a large portion of C-band in December under a plan
that includes $9.7 billion in incentives to expedite relocating
satellite operators out of the spectrum to make way for high-speed
5G networks.
The agency’s five commissioners voted three to two in favor of the
plan, released three weeks ago, despite worries that the plan will
trigger litigation from disaffected companies or a rebuke from
Congress where lawmakers had sought to legislatively prescribe the
auction rules.
Central to the debate was whether the $9.7 billion in payments to
encourage satellite operators to fully vacate the spectrum two years
faster — in 2023 instead of 2025 — was appropriate, or legal.
Intelsat Still Burdened with Debit Even
if FCC Boosts Payout
Posted: 28 February
2020
By Todd Shields
Februrary 28, 2020,
4:00 AM EST
Satellite provider
Intelsat SA will still face a steep pile of debt even if it wins
bigger payouts for giving up spectrum in a vote Friday by
U.S. regulators that want the frequencies for fast 5G mobile
networks. The
Federal Communications Commission is scheduled to vote on Chairman
Ajit Pai’s
plan to pay satellite providers as much as
$9.7 billion for leaving the airwaves, with 50% of that, or
$4.85 billion, potentially going to Intelsat.
Luxembourg-based Intelsat in a
filing asked for 60% or more of the pot. Fellow satellite provider
SES SA, which also would give up airwaves, in a filing
said it should get as much as Intelsat, compared with 41% as
proposed by the FCC. Intelsat’s finances “may remain stressed even
with a large relocation payment” because core portions of its business
are deteriorating, Stephen Flynn, a Bloomberg Intelligence analyst, said
in a
Feb. 27 note. Earnings may decline next year, as some customers flee
and others renew contracts at lower rates, Flynn said.
Implied
Volatility Surfing for Intelsat (I) Stock Options
Posted: 27 February
2020
Investors in Intelsat
S.A. I need to pay close attention to the stock based on moves
in the options market lately. That is because the Mar 20, 2020 $5.00
Call had some of the highest implied volatility of all equity options
today.
What is
Implied Volatility?
Implied volatility shows how
much movement the market is expecting in the future. Options with high
levels of implied volatility suggest that investors in the underlying
stocks are expecting a big move in one direction or the other. It could
also mean there is an event coming up soon that may cause a big rally or
a huge sell-off. However, implied volatility is only one piece of the
puzzle when putting together an options trading strategy.
What do
the Analysts Think?
Clearly, options traders are
pricing in a big move for Intelsat shares, but what is the fundamental
picture for the company? Currently, Intelsat is a Zacks Rank #3 (Hold)
in Satellite and Communication industry that ranks in the Top 44% of our
Zacks Industry Rank. Over the last 60 days, no analysts have increased
their earnings estimates for the current quarter, while one analyst has
revised the estimate downward. The net effect has taken our Zacks
Consensus Estimate for the current quarter from a loss of $1.31 per
share to a loss of $1.10 in that period.
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for
further details from
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Shares closed today $4.06/share
Telesat Sides
with SES Against Intelsat's Request for More C-Band Money
Posted: 27 February 2020
WASHINGTON — Telesat and SES are urging the U.S. Federal
Communications Commission to reject Intelsat’s request for a larger
share of the $9.7 billion in incentive payments the FCC plans to offer
satellite operators to hasten the clearing of C-band spectrum the United
States wants to repurpose for 5G cellular networks.
The FCC plans to
use proceeds from an upcoming C-band auction to incentivize satellite
operators to vacate the spectrum two years ahead of a 2025 deadline.
Auction proceeds would also be used to reimburse the cost of new
satellites and ground systems the operators will need to keep serving
C-band customers while yielding 300 megahertz spectrum to companies
building out U.S. 5G networks.
Under a proposal
the FCC released Feb. 7, Intelsat would be entitled to the largest share
of incentive payments. Intelsat has since asked the FCC to increase its
potential $4.85 billion share of the $9.7 billion to at least $5.8
billion, arguing that a 60-67% share is more in line with how much work
Intelsat needs to do to clear its swath of C-band by the end of 2023.
Northrup Grumman Successfully Completes
Historic First Docking of Mission Extension Vehicle with Intelsat 901
Satellite
Posted: 26 February 2020
Companies demonstrate groundbreaking satellite
life-extension service
DULLES, Va. –
Feb. 26, 2020 – Northrop Grumman Corporation (NYSE: NOC) and the
company’s wholly-owned subsidiary, SpaceLogistics LLC, have successfully
completed the first docking of the Mission Extension Vehicle-1 (MEV-1)
to the Intelsat 901 (IS-901) spacecraft in order to provide
life-extension services. This historic accomplishment marks the first
time two commercial satellites have docked in orbit and the first time
that mission extension services will be offered to a satellite in
geosynchronous orbit.
MEV-1, launched
Oct. 9, 2019, recently completed its orbit raising to an orbit
approximately 180 miles above geosynchronous orbit. IS-901 is a fully
operational communication satellite that is running low on fuel.
Intelsat (NYSE: I) removed 901 from service in December 2019,
transferring customers to other satellites in its extensive fleet, in
order to raise its orbit to the same altitude as MEV-1 in preparation
for docking. MEV-1 then completed the historic docking with IS-901 on
February 25 at 2:15 a.m. ET. The combined spacecraft stack will now
perform on-orbit checkouts before MEV-1 begins relocating the combined
vehicle to return IS-901 into service in early April.
“Our Mission
Extension Vehicle provides an innovative, satellite life extension
service,” said Tom Wilson, president, SpaceLogistics LLC. “Together,
Northrop Grumman, SpaceLogistics LLC and Intelsat have taken the first
step in pioneering in-space logistics services for both commercial and
government customers.”
WASHINGTON — SES is now arguing that it deserves as much
money as Intelsat to clear C-band satellite spectrum for 5G cellular
networks, following Intelsat’s solo effort last week to increase its
share of the FCC’s $9.7 billion fund.
Meanwhile, Eutelsat, a former partner of Intelsat, SES and Telesat in
the now fractured C-Band Alliance, is seeking around $1 billion more for
itself.
The FCC is scheduled to vote Feb. 28 on a plan that includes $9.7
billion to accelerate spectrum clearing by September 2023 instead of
2025 and that covers new satellites and other infrastructure needed to
continue services with less spectrum. The total amount for both is
around $14.9 billion, though the final tally could
be higher.
The FCC cautioned that its $3.3 billion to $5.2 billion price tag for
replacement infrastructure is just an estimate.
There's a 5G
Showdown Brewing. Intelsat Stock Could be a Casualty
Posted: 21 February
2020
Shares of Intelsat S.A. shot up 9.6% in
midday trading Thursday, paring earlier gains of as much as
19%, after the Luxembourg-based communications satellite
reported before the open a narrower-than-expected loss and
revenue that fell less than forecast. The net loss was
$115.0 million, or 81 cents a share, after a loss of $111.3
million, or 81 cents a share, in the year-ago period. The
FactSet consensus was for a net loss per share of 94 cents.
Revenue fell 4.8% to $517.0 million, above the FactSet
consensus of $500.9 million. Network services revenue fell
1% to $200.2 million, media revenue declined 9% to $210.6
million and government revenue fell 2% to $96.0 million. For
2020, the company expects revenue of $1.93 billion to $1.98
billion, compared with the FactSet consensus of $1.98
billion. The stock, which has now bounced 42% since it
closed at a 2-year low of $3.10 on Feb. 14, has still
plunged 38.3% over the past three months through Wednesday,
while the S&P 500 has gained 7.9%.
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further details from
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Stocks closed today
$4.49/share
Intelsat (I) Q4
Loss Narrower Than Expected, Revenues Fall
Posted: 21 February 2020
Intelsat S.A. I
reported relatively modest fourth-quarter 2019 results with both the top
and bottom line exceeding the respective Zacks Consensus Estimate.
However, revenues were down year over year as media revenues declined
due to the increasing importance of digital platforms content.
Net Loss
On GAAP basis, net loss for the reported quarter was
$114.9 million or loss of 81 cents per share compared with loss of
$111.3 million or loss of 81 cents per share in the prior-year quarter.
The wider net loss was primarily due to lower revenues and higher
operating expenses. Net loss per share was, however, narrower than the
Zacks Consensus Estimate of loss of 99 cents.
In 2019, Intelsat recorded net loss of $913.6 million or
loss of $6.51 per share compared with loss of $599.6 million or loss of
$4.63 per share in 2018.
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further details from Yahoo/Zacks Equity
Research
Intelsat to FCC:
C-Band Alliance is Dead, We Deserve More Money?
Posted: 20 February
2020
WASHINGTON -- Intelsat on Feb. 19 urged the FCC to give the company at
least $1 billion more of $9.7 billion in proposed compensation for
clearning C-band spectrum for 5G networks and to treat the C-Band
Alliance Intelsat formed with rivals SES and Telesat as esentially dead.
Intelsat said it has more C-band revenue, capacity use
and satellite dishes in operation across the continental United States
than any other operator, and that it therefore deserves $5.8 billion to
$6.5 billion in accelerated clearing payments instead of the $4.85
billion offered under the U.S. Federal Communications Commission’s
proposed plan.
The company’s solo gambit, which earned a sharp rebuke
from SES and approval from investors, followed one day after hedge fund
Appaloosa of Short Hills, New Jersey, took a 7.4% stake in Intelsat for
the express purpose of compelling the company to demand more clearing
payments from the FCC.
Intelsat
Rift with SES Goes All 'Hunger Games' Before FCC Vote
Posted: 20 February 2020
(Bloomberg) --
Intelsat SA and SES SA , which had been allies in plans to give up
satellite airwaves, broke into a feud a week before the U.S. Federal
Communications Commission is scheduled to vote on a plan to compensate
the companies.
Intelsat said in
a filing with the agency that it believes it should get a greater share
of payments than the FCC has proposed. SES responded by calling it an
“egregious attempt” that was “both disappointing and legally
indefensible.”
The dispute has
“all gone a bit ‘Hunger Games,”’ Jefferies analyst Giles Thorne said in
a note to clients, as “one-time colleagues turn on each other.”
Intelsat rose as
much as 19% in New York trading after reporting fourth-quarter sales
that exceeded analyst expectations.
The satellite
companies have proposed giving up part of the airwaves they use to beam
TV and radio programs to stations, and to continue serving customers on
airwaves they retain. The swath at issue is known as the C-band, and
regulators are eager to free it to carry traffic for fast new 5G
networks.
Intsat's Stock Soars After Net Loss,
Revenue Beat Expectations
Posted: 20 February
2020
Shares of Intelsat S.A. shot up 9.6% in
midday trading Thursday, paring earlier gains of as much as
19%, after the Luxembourg-based communications satellite
reported before the open a narrower-than-expected loss and
revenue that fell less than forecast. The net loss was
$115.0 million, or 81 cents a share, after a loss of $111.3
million, or 81 cents a share, in the year-ago period. The
FactSet consensus was for a net loss per share of 94 cents.
Revenue fell 4.8% to $517.0 million, above the FactSet
consensus of $500.9 million. Network services revenue fell
1% to $200.2 million, media revenue declined 9% to $210.6
million and government revenue fell 2% to $96.0 million. For
2020, the company expects revenue of $1.93 billion to $1.98
billion, compared with the FactSet consensus of $1.98
billion. The stock, which has now bounced 42% since it
closed at a 2-year low of $3.10 on Feb. 14, has still
plunged 38.3% over the past three months through Wednesday,
while the S&P 500 has gained 7.9%.
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Intelsat (I) came
out with a quarterly loss of $0.81 per share versus the Zacks Consensus
Estimate of a loss of $0.99. This compares to loss of $0.91 per share a
year ago. These figures are adjusted for non-recurring items.
This quarterly
report represents an earnings surprise of 18.18%. A quarter ago, it was
expected that this communications and satellite company would post a
loss of $1 per share when it actually produced a loss of $1.05,
delivering a surprise of -5%.
Over the last
four quarters, the company has surpassed consensus EPS estimates just
once.
Intelsat, which
belongs to the Zacks Satellite and Communication industry, posted
revenues of $516.95 million for the quarter ended December 2019,
surpassing the Zacks Consensus Estimate by 3.60%. This compares to
year-ago revenues of $542.77 million. The company has topped consensus
revenue estimates three times over the last four quarters.
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Intelsat
Announces Fourth Quarter and Full-Year 2019 Results
Posted: 20 February 2020
Fourth quarter revenue of $517 million; full-year
2019 revenue of $2,061 million
Fourth quarter net loss attributable to Intelsat S.A.
of $115 million; full-year 2019 net loss attributable to Intelsat
S.A. of $914 million
Fourth quarter Adjusted EBITDA of $371 million or 72
percent of revenue; full-year 2019 Adjusted EBITDA of $1,481 million
or 72 percent of revenue
Intelsat issues 2020 Guidance
Intelsat S.A.
(NYSE: I), today announced financial results for the three months and
full-year ended December 31, 2019.
Intelsat reported
total revenue of $517.0 million and net loss attributable to Intelsat
S.A. of $115.0 million for the three months ended December 31, 2019. For
the year ended December 31, 2019, Intelsat reported total revenue of
$2,061.5 million and net loss attributable to Intelsat S.A. of $913.6
million.
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HERE
for
further details from Yahoo Finance/Business Wire.
Can David Tepper
Aid Intelsat (I) to Rebound from 2-Year Low?
Posted: 19
February 2020
Intelsat S.A.’s
I shares soared 25.8% yesterday as Appaloosa Management, the
hedge fund firm overseen by famed billionaire investor David
Tepper, announced that it has acquired 2.9 million shares of
the satellite and communication services provider. This is
likely to offer significant boost to the beleaguered company
that tanked 83.8% in the past year and recorded an abysmal
low of $2.61 on Feb 5, 2020.
What Triggered the Plunge?
Intelsat shares declined sharply in November
last year when investors resorted to panic selling as the
Federal Communications Commission (“FCC”) lent its support
to the Congress’ move to hold public auction for its C-band
spectrum. The stock declined 67.1% in 2019, making it the
worst performer in the Zacks Satellite and Communication
industry.
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further details from
Yahoo/Zacks Equity Research
Shares closed
today $4.01/share
Intelsat Revises
IS-29e Replacement Plan, Preps Second-Gen Epic Order
Posted: 17 February
2020
WASHINGTON -- Intelsat has abandoned plans to order a
one-for-one replacement for the Intelsat-29e satellite that failed last
year and will rely instead on leased capacity, a borrowed satellite, and
the newly ordred Intelsat-40e spacecraft to fill a overage gap over
North and South America.
Intelsat said last summer it intended to award a contract
by the end of 2019 for a direct replacement for the three-year-old
Intelsat-29e satellite. The global satellite fleet operator now says the
Intelsat-40e satellite recently ordered from Maxar Technologies will
serve as a partial replacement for IS-29e. The rest of the gap will be
covered by a borrowed Hispasat satellite and capacity leased from
competitor SES and other satellite operators.
Intelsat-29e was the first Epic-series high-throughput
satellite in Intelsat’s fleet, and carried 10 times the capacity of
earlier satellites. Its mission came to an abrupt end in April when it
suffered a catastrophic fuel leak Intelsat still believes was caused by
a micrometeoroid impact or an ill-timed electrostatic discharge
triggered by unfavorable solar weather.
Forrester
Reports: February 21 is D-Day for the FCC's C-Band Decisions
Posted: 13 February 2020
Chris Forrester at the Advanced
Television infosite is reporting that the FCC’s
order on its $9.7 billion proposal will be determined on February 28,
with a D-Day meeting of the full Commission.
Prior to that assemblage, the
participants and stakeholders have until February 21 to make their
comments. There will be an enforced ‘quiet period’ between the 21st and
28th of the month.
Meanwhile, the three main
participants will hold their results announcements (Eutelsat on February
14, Intelsat on February 18 and SES on February 25), where some fresh
newsflow might be generated. The key players are near-silent other than
to stress that hard work is going on behind the scenes.
SES, for example, repeated their
comments from a week ago, and stated, "We are overall pleased
with the draft order and thank the FCC for their work. Some elements of
the draft order require more discussions with the FCC. This includes,
for example, technical parameters, deadlines for clearing, penalties for
late clearing or timing of fund availability.”
Intelsat also seems relaxed
enough other than to say that due diligence is absolutely necessary and
that – as ever – the devil is in the detail. “Each company—including
C-band customers—has to read what is proposed and determine if the terms
stated for the transition are set up so that we can ensure we can be
successful, and as importantly, not impede the services that we continue
to provide to our customers throughout the transition,” said
Intelsat.
Earnings
Preview: Intelsat (I) Q4 Earnings Expected to Decline
Posted: 12 February
2020
Wall Street
expects a year-over-year decline in earnings on lower revenues when
Intelsat (I) reports results for the quarter ended December 2019. While
this widely-known consensus outlook is important in gauging the
company's earnings picture, a powerful factor that could impact its
near-term stock price is how the actual results compare to these
estimates.
The earnings
report might help the stock move higher if these key numbers are better
than expectations. On the other hand, if they miss, the stock may move
lower.
While the
sustainability of the immediate price change and future earnings
expectations will mostly depend on management's discussion of business
conditions on the earnings call, it's worth handicapping the probability
of a positive EPS surprise.
The Space Industry's B.S. Problem
Posted: 11
February 2020
A space industry flush with startups and easy money struggles to tamp
down all the B.S.
At a meteorology conference, a space industry consultant
asked if I'd heard the news. He claimed the National Oceanic and
Atmospheric Administration canceled plans to buy commercial weather
satellite data. Since I hadn't heard, I checked with NOAA
officials who confirmed my suspicion. It wasn't true.
Journalists have always looked for sources to trust and
clues to help separate fact from fiction, but it's never been more
daunting than in this period of rapid change for the space industry.
Startups make bold claims about their current technology, on-orbit
performance and future prospects. Industry veterans, meanwhile,
patiently explain why the claims are unrealistic or physically
impossible. Neither side has a monopoly on candor. In the
last couple of years, SpaceNews reporters have been warned of
exaggerated test results, forged documentation and a padded resume.
We've heard creative explanations for projects canceled or delayed.
An entrepreneur told a reporter the firm's launch was on
hold because the launch vehicle operator was having trouble finding
additional passengers to share the flight. The launch vehicle
operator offered a different explanation: the startup couldn't pay
for the flight.
Intelsat
Gets Downgraded Again Because $5
Billion Doesn't Fix Everything
Posted: 10 February
2020
Satellite operator
Intelsat
S.A. has been
downgraded by another Wall Street analyst, after investors learned
that a lump-sum payment linked to the U.S.’s transition to 5G won’t
measure up to their initial hopes.
Raymond James downgraded the stock (ticker: I) to
“Market Perform,” the equivalent of hold, from “Outperform,” the firm’s
second-strongest buy rating. The shares were down 8% in early Monday
trading.
Intelsat could get up to $4.9 billion in incentive
payments for meeting a three-year deadline to relocate satellites as
part of the U.S.’s transition to 5G, according to a
draft order released Friday by the Federal Communications
Commission.
But the company has nearly $15 billion of debt,
and analysts at J.P. Morgan Chase say it faces a “challenged
business.” Investors were initially
hoping for a payout of up to $24 billion for Intelsat.
Intelsat Stock
Falls as Anaylst Sees 'Little Hope' for Investors after FCC's 5G
Spectrum Proposal
Posted: 8 February 2020
J.P. Morgan turns bearish, sees ‘little to no’ value in the shares after
FCC Chairman Pai’s plan to free up C-band spectrum for 5G
Shares of
Intelsat S.A. took a tumble Friday, after J.P. Morgan analyst Philip
Cusick said Federal Communications Commission Chairman Ajit Pai’s
proposal to quickly free up spectrum for 5G networks leaves “little
hope” for equity investors.
Cusick downgraded
the Luxembourg-based satellite services company to a rare underweight
rating, after being at neutral the past three months, and at overweight
for seven months before that. He removed his price target of $9, writing
in a note to clients that “we see little to no fundamental equity value
in shares” given Pai’s proposal.
Only 15% of
companies covered by J.P. Morgan analysts are rated underweight, while
41% are rated neutral and 45% are rated overweight.
The stock I,
+0.27% slid as much as 155% intraday, before paring some losses to be
down 9.4% in active midday trading.
Intelsat Reaches Deal with the FCC on
C-Band Airwaves
Posted: 6 February
2020
(Bloomberg) -- Intelsat SA and other satellite providers
would share as much as $14.9 billion under a proposal from federal
regulators to compensate them for giving up airwaves in an auction to
wireless companies.
The U.S. Federal Communications Commission announced
Thursday a plan that would provide $9.7 billion in compensation to
Intelsat, SES SA and other companies if they hit deadlines for leaving
the airwaves quickly, and another $3.3 billion to $5.2 billion to pay
for costs of making the switch.
“It’s only fair that every single reasonable cost should
be covered,” FCC Chairman Ajit Pai said Thursday.
At stake is what portion of auction proceeds, projected
to reach tens of billions of dollars, should go to satellite providers
including Intelsat and SES, both based in Luxembourg, and Eutelsat SA.
The satellite companies have proposed giving up part of
the airwaves they use to beam TV and radio programs to stations, and to
continue serving customers on airwaves they retain. The swath at issue
is known as the C-band, and regulators are eager to free it to carry
traffic for fast new 5G networks.
Intelsat
Responds to Remarks of FCC Chairman Ajit Pai in C-Band Proceeding
Posted: 6 February
2020
Incentive clearing payments to certain satellite operators to total $9.7
billion, exclusive of clearing costs
Draft Order expected on 7 February 2020
Intelsat (NYSE:
I) today responded to remarks delivered by Federal Communications
Commission ("FCC") Chairman Ajit Pai at an industry event hosted by the
Information Technology and Innovation Foundation in Washington, D.C. The
Chairman’s commentary previewed the key elements of a highly anticipated
draft order in the C-band proceeding in which Intelsat has been an
active participant since 2017. Once issued, the draft order is expected
to detail the FCC’s approach to clearing C-band spectrum to enable rapid
and nationwide 5G network deployment in the U.S.
Intelsat CEO
Steve Spengler said, "The issuance of the draft order represents a
significant milestone in a process that we began in 2017. We look
forward to reviewing the draft order, once issued, to place Chairman
Pai’s comments in full context. We note with appreciation the hard work
of all stakeholders to get to this juncture, and the work to come
leading up to the Commission’s vote on February 28, 2020."
Debt Tantrum From Space Forces U.S. Hand
in 5G Race
Posted: 6 February 2020
(Bloomberg Opinion) -- A messy
situation risked becoming irreversibly messier.
The $35 billion(1)fight over
fifth-generation mobile spectrum involves the Federal Communications
Commission; a handful of foreign-domiciled satellite operators that
think they deserve the bulk of the proceeds (at least one of which
desperately needs the money); the U.S. national wireless services
providers that want the bandwidth as soon as possible; and a host of
politicians keen for American taxpayers to get what they see as their
rightful due.
Then, just before FCC Chairman
Ajit Pai’s Thursday announcement on how things should go down, one of
those players appeared to threaten to throw a temper tantrum if it
didn’t get its way. Luxembourg-based Intelsat SA was considering a
possible Chapter 11 bankruptcy filing if the regulators doesn’t increase
the compensation it receives for giving up some of its airwaves,
according to a Wednesday report by my Bloomberg News colleague Todd
Shields.
FCC Chairman
Backs $9.7 Billion in Incentive Payments to Satellite Firms to Shift
Spectrum
Posted: 6 February
2020
By David Shepardson
WASHINGTON (Reuters) - Federal Communications Commission
Chairman Ajit Pai on Thursday proposed $9.7 billion in incentive
payments to accelerate the freeing up of spectrum in the key C-band by
shifting existing satellite users.
The telecommunications regulator had told lawmakers last
month it was considering proposing "single-digit billions" in payments.
Major satellite firms, including Intelsat SA, are expected to back Pai's
proposal to shift them to different parts of the spectrum band. FCC
officials told reporters they were optimistic of agreement.
Pai said in a speech on Thursday he backed the
accelerated relocation payments to "make available the C-band for 5G
deployment as quickly as possible" and to "align the satellite
companies’ private interests with the public interest."
Intelsat Holders
Ponder Cryptic FCC Tweet Hours Before Decision
Posted: 5 February 2020
(Bloomberg) -- A cryptic tweet
by Federal Communications Commissioner Brendan Carr is adding mystery to
the Intelsat SA drama as FCC Chairman Ajit Pai is expected to unveil the
agency’s plans for C-band airwaves on Thursday.
Some investors speculated what
Carr meant when he said “a lot can change in 24 hours.” When reached by
email, Carr told Bloomberg it “was just a waffle tweet” and had “no more
meaning.”
Pai is set to announce plans for
an auction of C-band spectrum and a key issue is how much to pay
satellite providers including Intelsat and SES SA. New Street Research
said Wednesday that there’s a significant chance the C-Band Alliance
“walks out of the process” should Pai choose a fixed payment auction
that gives the group less than $16 billion.
Intelsat
has reportedly hired law firm Kirkland & Ellis to consider a
possibe Chapter 11 bankruptcy if U.S. regulators don't increase the
company's compensation for C-band spectrum, Bloomberg Law reports.
Intelsat told Via Satellite
on Wednesday that it will not comment on rumor, and Kirkland & Ellis did
not respond to a request to comment. Intelsat's stock closed at
$3.72 per hare on Wednesday after opening at $4.00 per share Wednesday
morning.
Intelsat
Weights Chapter 11 Among Options on C-Band Plan
Posted: 5 February 2020
(Bloomberg) --
Intelsat SA is considering a possible Chapter 11 bankruptcy filing if
U.S. regulators don’t increase the amount of compensation the company
would receive for giving up some of its airwaves, a person close to the
company said.
Intelsat has
hired bankruptcy experts at Kirkland & Ellis LLP to prepare for possible
restructuring, said the person who spoke on condition of anonymity
because the matter isn’t public.
Intelsat plunged
as much as 34% to $2.61 before trading was paused for volatility.
Intelsat bonds led high-yield declines, as its 9.5% notes due in
February 2023 fell 12.3 cents on the dollar to about 50 cents, yielding
about 39%.
The Chapter 11
filing would delay the U.S. Federal Communications Commission plan to
move forward with an auction of the so-called C-band airwaves because
Intelsat assets would be entangled in court proceedings, the person
said.
Intelsat Stock
Has Been Diving in a 5G Free-for-All. One of Its Bonds Could be a Winner
Posted: 4 February 2020
Less than a year ago, the stock became popular with hedge funds.
While it had (and has) unusually high leverage, investor thought
Intelsat could earn a windfall -- as much as $24 billioin -- from an
auction of spectrum expected to be used for 5G, known as the "C-Band."
Luxembourg-based Intelsat (I) and a handful of other satellite operators
had formed a trade group call the C-Ban Alliance to lobby for a private
sale.
But analysts started to point out that satellite operators' rights to
sell C-Band spectrum were somewhat enuous. Then one C-Band
Alliance member dropped out and promoted its own auction plan. In
Mid-November, Federal Communications Commission Chair Ajit Pai said he
wanted to hold a public auction of C-Band spectrum, leading investors to
scale back their estimates for auction proceeds. Pai will announce
details of the FCC's auction plan in a Thursday speech.
Maxar Technology Will Build
Next-Generation Intelsat Epic Geostationary Communications Satellite
with NASA Hosted Payload
Posted: 3 February
2020
WESTMINSTER, Colo. & MCLEAN, Va.--(BUSINESS
WIRE)--Intelsat
(NYSE: I) has selected Maxar Technologies (NYSE:MAXR) (TSX:MAXR), a
trusted partner and innovator in Earth Intelligence and Space
Infrastructure, to manufacture Intelsat 40e, a next-generation
geostationary communications satellite scheduled to launch in 2022.
Maxar will integrate NASA’s Tropospheric Emissions: Monitoring of
Pollution (TEMPO)
payload with the Intelsat 40e satellite.
“When it’s launched, Intelsat 40e will be the newest
addition to our next-generation Intelsat
Epic platform,
which is already providing our global customers with flexible,
high-performance connectivity they can count on today – and in the
future,” said Intelsat CEO Stephen Spengler. “Intelsat continuously
invests in innovative new satellite and hybrid technologies that make it
easy and affordable for our customers to connect people, devices and
networks, even in the most remote locations. We look forward to
partnering with Maxar on this next build.”
Intelsat - 15%
as Barclays Sets New Low Target
Posted: 30 January 2020
Intelsat (NYSE: I) has tumbled
14.8% premarket after Barclays slashes its price target to a Street low.
The firm reduced its target to
$3.90 from a previous $20 in the wake of Senate action that could place
a limit on payouts to C-band spectrum holders in an auction of the
airwaves. That new target implies 3.2% upside.
Click
HERE
for
further details from
seekingalpha.com
Shares closed today $3.10/share
Why Intelsat
Stock Dropped 23% Today
Posted: 29 January
2020
The Senate could be preparing to
confiscate Intelsat's C-Band wealth.
Rich Smith (TMFDitty)
Jan 29, 2020 at 11:49AM
What
happened
Shares of satellite
communications company Intelsat (NYSE:I),
which got walloped last year for a
67% loss, are taking it on the chin again Wednesday. Down 24.2% as
of 10:40 a.m. EST, Intelsat is currently the worst-performing stock on
the NYSE, literally.
You can thank the United States
Senate for that.
So what
As Multichannel
News reports this morning, the Senate is currently working on a
version of the proposed Spectrum Management and Reallocation for
Taxpayers (SMART) Act, which would require Intelsat and its
satcom peers Telesat and Loral
Space & Communications to hold a public auction allowing 5G
internet providers to bid on about 300 megahertz of their current
C-band satellite spectrum.
Because a public auction would
almost certainly take longer to organize than a private auction (which
the o-called C-Band Alliance would prefer), this already bad news for
Intelsat. But worse than that, the SMART Act reportedly plans to
cap the proceeds Intelsat, Telesat, and Loral might reap from the
auction at just $1 billion.
Click
HERE
for
further details from The
Motley Fool
Shares closed today $3.77/share
C-Band Alliance
Pegs Satellite Spectrum Clearing Costs at $3.3 Billion
Posted: 29 January 2020
WASHINGTON — The C-Band Alliance said it will cost Intelsat, SES and
Telesat $3.3 billion to clear 300 megahertz of C-band spectrum for U.S.
5G wireless networks without leaving satellite-dependent television
broadcasters in a lurch.
The C-Band Alliance released the new cost figure earlier this week just
ahead of a bipartisan group of U.S. senators introducing legislation
that would cap how much the satellite industry could receive under the
C-band auction the Federal Communications Commission hopes to initiate
by the end of the year.
The C-Band Alliance, which Intelsat, SES, Eutelsat and Telesat formed in
2018 to convince the FCC to let them sell some of their satellite
spectrum to bandwidth-hungry 5G network operators and keep the proceeds,
are still hoping to have these and other transition costs covered
despite the FCC’s November decision to run a public spectrum auction
instead.
We have lost
contact with these members below. If you have any information on
how to contact them, please send us an EMail at:
info@myiraa.comm
John Crispin Mary Helms Lee Huffman
Etam Earth
Station for Sale
Posted: 20 January 2020
Here is a link below to an
article which appeared in The Dominion Post of North-Central, WVA, about
Etam earth station being visited by a representative from an
international satellite company which may be interested in buying the
historic earth station.
Click
HERE for
further details from The Dominion Post
Introducing
Intelsat (NYSE: I), The Stock That Zoomed 164% In The Last Three Years
Posted: 15 January 2020
Intelsat
S.A. (NYSE:I)
shareholders might understandably be very concerned that the share price
has dropped 72% in the last quarter. But that doesn't change the fact
that the returns over the last three years have been very strong. In
fact, the share price is up a full 164% compared to three years ago.
After a run like that some may not be surprised to see prices moderate.
The fundamental business performance will ultimately dictate whether the
top is in, or if this is a stellar buying opportunity.
Given that Intelsat didn't make
a profit in the last twelve months, we'll focus on revenue growth to
form a quick view of its business development. Generally speaking,
companies without profits are expected to grow revenue every year, and
at a good clip. That's because it's hard to be confident a company will
be sustainable if revenue growth is negligible, and it never makes a
profit.
Click
HERE
for
further details from Simply Wall StreetYahoo Finance
Shares closed today $7.03/share
C-Band Analyst
Says Spectrum Auction May Net $50 Billion
Posted: 6 January 2020
By Kamaron Leach
January 6, 2020, 3:46 PM EST
Updated on January 6, 2020, 5:33 PM EST
Robust demand for mid-band
spectrum across the globe could prove a key indicator that some
investors may be undervaluing the C-band opportunity in the U.S.
According to New Street Research, a domestic C-Band spectrum sale could
find satellite operators conservatiely netting proceeds of about $50
billion. That positive view stems from Taiwan's recent auction of
the 3.5GHz band, where New Street said the bids were "blowing away
expectations."
At hand is the international
race among governmental bodies to become the leadr of 5G, and in the U.S
investors backing the C-Band Alliance want top dollar for giving up it
frequencies to enable the technology. But when Federal Communications
Commission Chairman Ajit Pai rejected the group's long-sought-after
hopes of a private auction in November, investors were left perplexed at
what Intelsat SA and SES SA could reap from a public sale of the
airwaves.
Argument
Preview: Are fiduciaries of defined-benefit pension plans that meet
minimum funding criteria protected from lawsuits for fiduciary
breach?
Posted: 7 January 2020
Dana Muir Guest
Posted Mon, January 6th 2020 1:00 pm
James Thole and Sherry Smith are participants and
beneficiaries in U.S. Bancorp’s defined-benefit pension plan. Prior
to the 2008 financial crisis, plan fiduciaries invested 100 percent
of the plan’s assets in equities. Thole and Smith allege that the
aggressive investment portfolio caused the plan to lose $748 million
more during the crisis than it would have lost had the assets been
appropriately diversified. As a result of the losses, the plan’s
assets fell to 84 percent of the minimum funding level required by
the Employee Retirement Income Security Act. Thole and Smith also
argue that the decision to invest approximately $1.2 billion of plan
assets in mutual funds offered by a subsidiary wholly owned by U.S.
Bancorp was made to benefit U.S. Bancorp, and caused the plan to pay
higher investment fees than it would have paid for similar mutual
funds offered by other firms.
We are pleased to Welcome the following new member to the Intelsat
Retirees and Alumni Association:
December
2019
Chi-Ping Siu
How Did Intelsat
(I) Compare Against Hedge Fund Darlings in 2019?
Posted: 25 December 2019
We are still in an overall bull market and many stocks that smart money
investors were piling into surged in 2019. Among them, Facebook and
Microsoft ranked among the top 3 picks and these stocks gained 57% each.
Hedge funds’ top 3 stock picks returned 44.6% this year and beat the S&P
500 ETFs by nearly 14 percentage points. Investing in index funds
guarantees you average returns, not superior returns. We are looking to
generate superior returns for our readers. That’s why we believe it
isn’t a waste of time to check out hedge fund sentiment before you
invest in a stock like Intelsat S.A. (NYSE:I).
Click
HERE for
further details from Insider Monkey
Intelsat (I) Tanks in 2019: A Value Stock
or a Value Trap?
Posted: 24 December 2019
Shares of Intelsat
S.A. (I- Free
Report)
have declined 68.1% so far (as of Dec 23, 2019), making it the worst
performer within the Zacks Satellite
and Communication industry.
The decline was primarily triggered by the Federal Communications
Commission’s (“FCC”) support for the purported move by the Congress to
hold public auction for its C-band spectrum.
The Downfall Trigger
Intelsat, along with some other satellite providers, had decided to sell
some of the airwaves in the 3.7 gigahertz-to-4.2 gigahertz area of
spectrum – widely known as the C-band – in a private auction to raise
cash and repay debt. The airwaves acquired over the years were mostly
used by these firms to deliver videos to TV stations and were considered
as surplus resources. Moreover, the coveted spectrum was much in demand
by telecom carriers for the deployment of 5G networks and offered a huge
opportunity to rake in large sums of money.
Intelsat (I) Catches Eye:Stock Jumps 8.9%
Posted: 19 December 2019
Intelsat S.A. (I - Free
Report) was a big mover last session, as the
company saw its shares rise nearly 9% on the day. The move came on solid
volume too with far more shares changing hands than in a normal session.
This stock, which remained volatile and traded within the range of
$5.96–$7.12 in the past one-month time frame, witnessed a sharp increase
yesterday.
The company has seen no changes when it comes to estimate revision over
the past few weeks, while the Zacks Consensus Estimate for the current
quarter has also remained unchanged. The recent price action is
encouraging though, so make sure to keep a close watch on this firm in
the near future.
Intelsat's Battered Investors Defy Risk
with Bets on C-Band Sale
Posted: 16 December 2019
(Bloomberg) -- A catastrophic
November for Intelsat SA hasn’t scared off bulls clinging to hopes the
satellite operator will score a big payday selling wireless spectrum to
cell phone companies.
Despite losing more than
three-quarters of its value last month after being dealt a blow by the
Federal Communications Commission, nearly half of Intelsat analysts
tracked by Bloomberg still have buy ratings.
At the heart of their optimism
is a belief the market is taking too dim a view of the company’s
prospects to cash in on the sale of so-called C-band radio spectrum,
which it controls -- or thought it did. Satellite operators suffered an
interstellar sucker punch last month when the FCC got in the way of
their plan to sell the bandwidth directly to mobile phone operators,
raising the prospect of a public auction process in which the government
gets almost all the money.
Option Traders
Expect Huge Moves in Intelsat (I) Stock
Posted: 11 December 2019
Investors in Intelsat S.A. (I - Free
Report) need to pay close attention to the
stock based on moves in the options market lately. That is because the
Jan 17, 2020 $7.00 Call had some of the highest implied volatility of
all equity options today.
What is Implied Volatility?
Implied volatility shows how much movement the market is expecting in
the future. Options with high levels of implied volatility suggest that
investors in the underlying stocks are expecting a big move in one
direction or the other. It could also mean there is an event coming up
soon that may cause a big rally or a huge sell off. However, implied
volatility is only one piece of the puzzle when putting together an
options trading strategy.
Click
HERE
for
further details from
Zacks Equity Research
Shares closed today
$6.35/share
Why is
Intelsat (I) Down 75.3% Since Last Earnings Report?
Posted: 27 November 2019
A month has gone by since the
last earnings report for Intelsat (I). Shares have lost about 75.3% in
that time frame, underperforming the S&P 500.
Will the recent negative trend
continue leading up to its next earnings release, or is Intelsat due for
a breakout? Before we dive into how investors and analysts have reacted
as of late, let's take a quick look at its most recent earnings report
in order to get a better handle on the important drivers.
Intelsat Q3 Loss Wider Than
Expected, Revenues Down Y/Y
Intelsat reported lackluster third-quarter 2019 results, wherein the top
line decreased year over year.
Click
HERE for
further details from Zacks Equity Research
Shares closed today
$6.08/share
Intelsat Recognized with
SD-WAN-Over-Satellite "Service Implementation of the Year" Award
Posted: 27 November 2019
MCLEAN,
Va.--(BUSINESS
WIRE)--Intelsat
S.A. (NYSE:
I) announced its “SD-WAN over Satellite Access” demonstration won the
2019 Service Implementation of the Year award at the Metro Ethernet
Forum (MEF) 3.0 Proof-of-Concept Showcase in Los Angeles last week. The
annual event, hosted by international industry consortium MEF, focuses
on the interoperability of connectivity services and brings carriers and
technology providers together to showcase innovative real-world
applications of the MEF 3.0 interoperability framework.
How America
Can Still Win the Race to 5G Wireless Technology
Posted: 26 November 2019
The
Federal Communictions Commission has thrown a curveball into the global
race for deployment of 5G - the much-anticipated fifth generation of
cellular and wireless technology. FCC Chairman Ajit Pai has
announced his support for a government-run auction of an underutilized
500-megahertz space on the electronic spectrum that cellphe carriers
like AT&T and Verizion need to deliver 5G wireless services.
It had
been widel believed that this valued spectrum now under lease by the
satellite companies and others would be transferred to the cellular
communications compaines through a uasi-privte auction. The
revenues from this uaction of unused spectrum rights are estimated at
between $10 billion and $30 billion.
Intelsat
shares (ticker: I) plunged to just over $6 on Tuesday, after declining
for the past two weeks from $24 amid a still unfolding discussion about
how best to transfer control a 280 MHz slice of the 500 MHz of C-Band
radio spectrum now controlled by Intelsat and three other satellite
communications firms to telecommunications carriers for use in 5G
wireless networks.
Intelsat
and two other companies in a group called the C-Band Alliance had
proposed holding a private auction to expedite the sale process; the FCC
has decided instead to do a public auction under rules yet to be
determined.
Buy Intelsat
Stock Because Its Price Has Dropped Far Enough, Analyst Says
Posted: 20 November 2019
Intelsat
shares were on the mend following the satellite company's recent 75%
swoon, after Raymond James analyst ard Prentiss lifted his rating on the
stock on Wednesday to Outperform from Market Perform, with a target
price of $12.
Intelsat
shares (ticker: I) plunged to just over $6 on Tuesday, after declining
for the past two weeks from $24 amid a still unfolding discussion about
how best to transfer control a 280 MHz slice of the 500 MHz of C-Band
radio spectrum now controlled by Intelsat and three other satellite
communications firms to telecommunications carriers for use in 5G
wireless networks.
Intelsat
and two other companies in a group called the C-Band Alliance had
proposed holding a private auction to expedite the sale process; the FCC
has decided instead to do a public auction under rules yet to be
determined.
Analyst
Upgrades Intelsat's Stock Following 75% Decline
Posted: 20 November 2019
Intesat SA (NYSE: I)
shares have taken a beating in the past week, plummeting more than 70%
on concerns related to the Federal Communications Commission opting for
a public auction of the company's C-band spectrum. Fortunately for
Intelsat investors, one Wall Street analyst said the sell-off has
created a buying opportunity.
The Analyst
Raymond James analyst
Ric Prentiss upgraded
Intelsat from Market Perform to Outperform and set a $12 price target.
The Thesis
Prentiss said Intelsat shares
have been hit by a one-two punch of the FCC decision for a public
spectrum auction and then a Senate bill suggesting the U.S. Treasury
would take at least 50% of the auction proceeds.
However, a new House bill calls
for the Treasury to get only 25% of the proceeds.
“Plus some previous FCC run
spectrum auctions have included government stakes of ~20-40% and we
think that is a more likely final outcome as a 50% or higher stake would
probably result in litigation from the satellite operators and ties the
spectrum up in court instead of hanging on towers providing much needed
5G capacity,” Prentiss wrote in a note.
Given the extreme pullback in
Intelsat shares, he said the risk-reward balance is now skewed to the
upside.
Intelsat Stock Bounces After Recent
'Dramatic' Pullback Turns Raymond James Bullish
Posted: 20 November 2019
Shares of Intelsat S.A. jumped 13% in premarket trading Wednesday,
bouncing after a 55% plunge in two days, after Raymond James analyst Ric
Prentiss turned bullish on the satellite communications company, citing
improved valuation after the "dramatic" pullback. Prentiss raised his
rating to outperform from market perform, and set a stock price target
of $12, which is nearly double Tuesday's closing price of $6.09. The
stock's plunge this week, and the 76% selloff so far this month, after
the FCC chose a public auction for 5G spectrum over a private auction,
and a Senate committee followed by introducing a bill Monday requiring
at least 50% of the proceeds from the auction go to the U.S. Treasury.
Prentiss said a final outcome of 50% going to Treasury was unlikely, as
it would "probably" lead to litigation, and given previous FCC-run
spectrum auctions have included government stakes of about 20% to 40%.
Therefore, "given the recent dramatic pullback," he believes the
risk-vs.-reward profile is now "more interesting." The stock has tumbled
71.5% year to date through Tuesday, while the S&P 500 has gained 24.5%.
Intelsat Shares
Tank on FCC Call for Public Spectrum Auction
Posted: 20 November 2019
Intelsat S.A.’s
I shares declined sharply yesterday as the Federal Communications
Commission (“FCC”) lent its support for the purported move by the
Congress to hold public auction for its C-band spectrum. The stock has
tanked 56.6% in the past two days as investors resorted to panic
selling.
Intelsat, along with some other satellite providers, had decided to sell
some of the airwaves in the 3.7 gigahertz-to-4.2 gigahertz area of
spectrum – widely known as the C-band – in a private auction to raise
cash and repay debt. The airwaves acquired over the years were mostly
used by these firms to deliver videos to TV stations and were considered
as surplus resources. Moreover, the coveted spectrum was much in demand
by telecom carriers for the deployment of 5G networks and offered a huge
opportunity to rake in large sums of money.
Click
HERE
for
further details from
Zacks Equity Research
The Catch-22 in
a $50 Billion 5G Airwaves Fight
Posted: 19 November 2019
(Bloomberg Opinion) -- There’s
been a lot of drama lately in the wireless world concerning 5G and
something called C-band. To most people, all the news headlines have
probably looked like a foreign language. But allow me to translate for
you, because it’s a fascinating situation that has sparked a
transnational fight over some $50 billion, while presenting advocates of
President Donald Trump’s “America First” policy with a catch-22. The
outcome may have far-reaching implications for the U.S. in the global
race to 5G, and it certainly does for a pair of beaten-down European
stocks.
At the root of the drama is
spectrum, the invisible airwaves sought after by U.S. wireless carriers
— Verizon, AT&T, T-Mobile, Sprint — and others to construct ultra-fast
5G data networks, the kind that will enable a smartphone to download a
movie in mere seconds and support driverless car technology. The Federal
Communications Commission has been working to free up spectrum being
used by other institutions so that it can be auctioned off to the 5G
builders and repurposed for their networks, a high priority for the
Trump administration.
Intelsat's
Stock Keeps Sinking as Congress Looks to 'Rake' in Revenue from 5G
Spectrum Auction
Posted: 19 November 2019
Shares of Intelsat S.A. continued to plummet to earth on heavy volume
after the U.S. Federal Communications Commission’s decision to move
forward with a public auction of new 5G spectrum prompted what was
essentially a Congressional money grab.
Intelsat I, -24.16%
dropped 22% in afternoon trading, putting it on track for the lowest
close since April 2018. Trading volume swelled to 291 million shares,
compared with the full-day average of about 6.8 million shares.
The selloff comes one day after a 40.1% plunge on 56.1 million shares,
which was the stock’s biggest-ever one-day decline, and five days after
the second-largest drop of 29.2% on 29.7 million shares, which came amid
growing concerns over a negative regulatory decision.
Intelsat
Shorts Stick to Positions Even After Record 75% Wipeout
Posted: 19 November 2019
(Bloomberg) -- Short sellers are betting that Intelsat shares have
further to fall even after a record slump this month erased more than
75% of the satellite company’s market value.
About 15.4 million shares were on loan to bears on Tuesday, up from 15.1
million at the end of October, according to data from S3 Partners. Short
sellers are sitting on more than $250 million in paper gains but don’t
appear to be cashing in yet, according to Ihor Dusaniwsky, S3’s managing
director of predictive analytics.
“As a good short seller, you ride out your profits and that’s what it
looks like they’re doing,” Dusaniwsky said. “They’re holding on and
looking for the stock to go down even further.”
Click
HERE
for
further details from Insider Monkey/Yahoo Finance
FCC Chairman
Calls for Public Auction of C-Band Airwaves
Posted: 19 November 2019
(Bloomberg) -- Intelsat SA had
its worst two-day rout and SES SA plunged as investors assessed the
satellite providers' prospects after a key regular rejected their plan
to raise billions of dollars by selling airwaves in a private auction.
Federal Communications
Commission Chairman Ajit Pai instead called for a public auction,
something that could reduce the companies' share of the proceeds.
The satellite providers want to
sell some of the airwaves they now use to deliver video to TV stations
to raise cash. The companies have concluded they no longer need all the
spectrum they have acquired over the years.
Meanwhile, the frequencies are
coveted by fast-growing mobile providers eager to build the next
generation of wireless, 5G networks.
Analysts React to FCC Decision on
Intelsat C-Band Spectrum Auction
Posted: 19 November 2019
Intelsat SA (NYSE: I)
shares tanked another 20% on Tuesday after Federal Communications
Commission Chairman Ajit Pai publicly declared his support for Congress
to hold public auctions for Intelsat’s C-Band spectrum. Intelsat and
other spectrum holders have been pushing to hold a private auction for
their spectrum, which would potentially take place much sooner than a
public alternative.
The proposed Senate bill would require sellers to turn over at least
50% of the proceeds from the spectrum sale to the FCC. As a result
of the FCC decision, Intelsat’s stock is down 50% in the past two days,
and Wall Street analysts see a messy road ahead.
SES Shares
Tumble 20% After FCC Chairman Voices Support for Public Airwaves Sale
Posted: 18 November 2019
Shares
of SES SA FDR tumbled 21% on Tuesday, a day after Federal Communications
Chairman Ajit Pai said via Twitter that he would back a public auction
to free up spectrum for 5G. Luxembourg-based satellite companies SES and
Intelsat SA were lobbying for a private auction of the so-called C-band
spectrum, used to deliver videos and radio programs to U.S. households.
The FCC wants to free it up for carriers to bid on as 5G service gears
up. Pai said the agency wants to make C-band spectrum available quickly
for 5G and also must generate revenue for the government, saying the
best way forward is an auction of 280 megahertz of the C0band.
Intelsat shares plunged 40% on Monday.
Click
HERE
for
further details from Insider MarketWatch
Shares closed today
$8.03/share
Why Intelsat
Stock
Plummeted 40% Today
Posted: 18 November 2019
Rich Smith (TMFDitty)
Nov. 18, 2019 at 7:51PM
What
happened
The down-again, up-again roller-coaster
ride that has been Intelsat(NYSE:I) over
the past week or so took a sudden, jagged turn down again on Monday,
with shares of the satellite communications stock closing off a
staggering 40%.
You can blame Twitter for that -- and also the FCC.
On Monday, Federal Communications Commission Chairman
Ajit Pai tweeted out his support for a movement in Congress to hold a
public auction of C-Band spectrum, currently controlled by Intelsat and
fellow satcoms Telesat and Loral
Space & Communications.
Click
HERE for
further details from The Motley Fool
C-Band Alliance
Responds to Announcement by Federal Communications Commission Chairman
Regarding C-Band Spectrum Proceeding
Posted: 18 November 2019
WASHINGTON--(BUSINESS WIRE)--
The C-Band Alliance (“CBA”), comprised of the leading global satellite
operators Intelsat (NYSE:I),
SES (Euronext Paris: SESG), and Telesat, responded today to an
announcement by the Chairman of the Federal Communications Commission
(“FCC”) that he intends to pursue a public auction to clear the
satellite spectrum currently licensed to the members of the C-Band
Alliance.
In a statement, the CBA said, “The FCC Chairman’s indication that he
intends to pursue a public auction of C-band spectrum is a significant
departure from the CBA’s market-based proposal. The announcement does
not address the critical involvement of the incumbent satellite
operators in executing the complex task of reconfiguring and
transitioning their networks. Nor does the announcement address the
fundamental modification of the rights afforded by the existing FCC
licenses held by the CBA members which would be required under a public
auction approach.
FCC Chief Backs
Public Auction for 5G Spectrum, Sending Satellite Stocks Reeling Again
Posted: 18 November 2019
3 satellite companies had lobbied for a private auction of the ‘C-band’
spectrum, but U.S. lawmakers objected
The FCC is arranging for a spectrum auction that will be a key step in
the U.S. deployment of 5G.
The head of the Federal Communications Commission on Monday sided with
some vocal lawmakers and disappointed three satellite companies, as he
backed a public auction of radio spectrum rather than the companies’
plan for a private auction.
The auction is a key step in the U.S. deployment of 5G,
as the “C-band” spectrum will be getting repurposed for wireless
carriers to use for fifth-generation services. In announcing his
decision, FCC
Chairman Ajit Pai said the regulatory agency’s
top principles in setting up an auction are freeing up significant
spectrum for 5G, doing that quickly, generating revenue for the federal
government and protecting services that currently use the C-band.
Give Away $60
Billion' to Foreign Companies? The 'America First' Trump Administration
Faces a Tricky 5G Choice
Posted: 16 November 2019
Supporters of a spectrum-auction plan from a European-Canadian alliance
say it’s the best way to ensure the U.S. doesn’t fall behind on
5th-generation wireless technology
The FCC draws
flak while aiming for nationwide 5G.
A big step in the
U.S. deployment of 5G wireless could take place by year’s end, as the
Federal Communications Commission has appeared on track to back a plan
from the satellite industry for auctioning off radio spectrum.A section
of spectrum is due to get repurposed for wireless carriers to use for
fifth-generation services, and three satellite companies have proposed
running an auction for this “C-band” spectrum as they relinquish it. The
companies have formed a C-Band Alliance and maintain
their plan offers
“by far the fastest way” of achieving 5G deployment and competing with
other countries — especially China, where a long-awaited 5G service has
just rolled out — and yet not disrupt existing U.S. broadcast services.
Intelsat Stock
Rebounds After Satellite Firms File Plan for Spectrum Auction
Posted: 15 November 2019
Intelsat
shares have staged a strong rebound after the group of satellite service
companies known as the C-Band Alliance filed a detailed plan on a
proposed private auction of radio spectrum for re-use in 5G networks.
Over the
last few days, Intelsat shares (ticker: I) were cut in half as investors
worried that the sale process could drag on for years as a result of
opposition from some members of Congress who favor a public auction held
by the Federal Communications Commission.
Companies
Pushing Controversial 5G Spectrum Auction Offer to Give at Least 30% of
Proceeds to U.S. Treasury
Posted: 15 November 2019
Shares in the satellite
companies rally on Friday after sliding during the week amid concerns
about their auction proposal’s chances
The satellite companies behind a
controversial plan for auctioning off key radio spectrum made a fresh
push on Friday to win over skeptics, offering to pay at least 30% of the
proposed auction’s net proceeds into the U.S. Treasury.
The offer, which also includes a
promise to help with rural broadband, comes after some analysts earlier
this week warned the Federal Communications Commission might delay
making a decision on the auction plan following objections from
Republican and Democratic lawmakers. Before the opposition from
Republican Sen. John Kennedy of Louisiana and other lawmakers ramped up,
an order favoring the companies’ proposal had looked on track to arrive
as soon as at the regulatory agency’s Dec. 12 open meeting.
C-Band Alliance
Files U.S. Treasury Contribution with Federal Communications Commission
Posted: 15 November 2019
Proposal would result in
billions of dollars in contribution to the U.S. Treasury
following completion of successful auction of C-band spectrum
Proposal also features a plan
to work with members of Congress to use a portion of the
spectrum and some of the contributions to fund an open access 5G
network for rural broadband, providing digital inclusion for
rural American citizens
Proposal is based on use of
CBA spectrum clearing plan which would deliver cleared spectrum
to enable era of 5G in United States, while protecting services
for television and radio programmers
WASHINGTON--(BUSINESS
WIRE)--The C-Band Alliance (“CBA”), comprised of the
leading global satellite operators Intelsat (NYSE: I), SES
(Euronext Paris: SESG), and Telesat, filed with the Federal
Communications Commission today its Treasury Contribution
Proposal.
The contribution proposal
states that if the FCC adopts the CBA proposal, the CBA commits
to pay a portion of net proceeds of a CBA-led auction to the
U.S. Treasury using a progressive formula which ranges from 30%
to 75% of proceeds depending on the outcome of the auction. This
payment to the U.S. Treasury would be calculated after the
netting of all costs incurred to plan for and take all actions
to implement the CBA proposal to clear 300 MHz of spectrum and
is inclusive of all federal income tax liabilities incurred by
the CBA member companies as a direct result of the auction.
Intelsat Stock
Slides Another 15% on Doubts Over 5G Spectrum Auction
Posted: 14 November 2019
The
sharp slide in Intelsat shares continued on Thursday, as concerns grow
about the proposed auction of C-Band radio spectrum by an alliance of
satellite communications companies for use by telcos building out 5G
networks. The companies in the C-Band Alliance (CBA)— (I) (ticker: I)
and SES (SGBAF), both based in Luxembourg, and Telesat, a Canadian firm
majority-owned by (LORL) (LORL)—have proposed a private auction that
would provide access to the spectrum to carriers building out 5G
networks. The Federal Communications Commission is expected to take up
the proposal as soon as its December meeting.
Intelsat's
Stock Slide Continues
Posted: 14 November 2019
Intelsat SA
shares are down 38% in the past two sessions. The stock got a
high-profiel downgrade Wednesday on concerns about Intelsat's proposed
private spectrum auction proposal.
Luxembourg-based Intelsat and
SES have partnered with Canadian company Telesat to propose a private
auction for the three companies’ C-Band radio spectrum, which is used
for radio and TV broadcast in the U.S. With 5G wireless network launched
imminent, however, some politicians are pushing back against the private
auction proposal.
"Don't give away $60 billion
that belongs to the people of America to two companies in Luxembourg and
one other one in Canada," Republican Sen. John Kennedy said n a recent
speech.
Intelsat Stock
Tumbles as Controversy Grows Over 5G Spectrum Aution
Posted: 13 November 2019
As the world inches closer to 5G wireless, telecommunications carriers
have growing urgency to secure more radio spectrum.
Along those lines, a group of satellite communications operators--
Intelsat (I) and SES (SGBAF), both based in Luxembourg, and Telesat, a
prviately held Canadian firm majority-owned by Loral Space &
Communications (LORL)--have made a proposal to the Federal
Communications Commission for a prviate auction of access to the C0Band
radio spectrum they now use for radio and TV broadcasting applications.
Implied
Volatility Surging for Intelsat (I) Stock Options
Posted: 13 November 2019
Investors in Intelsat
S.A. (I - Free
Report) need to pay close attention to the
stock based on moves in the options market lately. That is because the
Dec 20, 2019 $12.50 Put had some of the highest implied volatility of
all equity options today.
What is
Implied Volatility?
Implied volatility shows how
much movement the market is expecting in the future. Options with high
levels of implied volatility suggest that investors in the underlying
stocks are expecting a big move in one direction or the other. It could
also mean there is an event coming up soon that may cause a big rally or
a huge sell-off. However, implied volatility is only one piece of the
puzzle when putting together an options trading strategy
BlackSky Secures
$50 Million Financing from Intelsat
Posted: 12 November 2019
The senior
secured loan will help fund BlackSky's infrastructure and product
development.
WASHINGTON -- Geospatial data
provider BlackSky announced Nov. 12 it has secured a $50 million loan
from global communications satellite operator Intelsat. The senior
secured loan will finance BlackSky's infrastructure and product
development for commercial and government customers. BlackSky CEO
Brian O'Toole told SpaceNews.
In addition to the financing deal,
O'Toole said, BlackSky and Intelsat are establishing a commercial
partnership to jointly develop data and imagery products to be
distributed via Intelsat's communications services.
BlackSky is part of Spaceflight
Industries, based in Seattle. The company is in the process of
expanding its constellation of small satellites that revist a given
loction several times per day. Four 1-meter resolution imaging
satellites are in service today and 20 more are in production. The
new capital will help BlackSky meet its goal of deploying a 16-satellite
constellation by 021, said O'Toole.
This Satellite
Intelligence Company Has Landed $50M from Intelsat
Posted: 12 November 2019
Herndon-based BlackSky, which provides satellite imaging and global
monitoring services, has secured a $50 million loan from satellite firm
Intelsat S.A. (NYSE: I), according to an announcement. The deal grants
BlackSky access to Tysons-based Intelsat’s communications
infrastructure, while the fresh funding will allow BlackSky to augment
its existing business, the company said. “It takes a lot of expertise,
engineering and capital to make smallsats viable; BlackSky is the first
company to overcome these challenges with proven economies of scale,"
BlackSky President and CEO Brian O’Toole said in a statement.
Click
HERE
for
further details from Insider Washington Business Journal
Is Intelsat
S.A. (I) a Good Stock to Buy?
Posted: 30 October 2019
A whopping number of 13F filings filed with U.S. Securities and Exchange
Commission has been processed by Insider Monkey so that individual
investors can look at the overall hedge fund sentiment towards the
stocks included in their watchlists. These freshly-submitted public
filings disclose money managers’ equity positions as of the end of the
three-month period that ended June 28, so let’s proceed with the
discussion of the hedge fund sentiment on Intelsat S.A. (NYSE:I).
Intelsat S.A. (NYSE:I) shareholders
have witnessed a decrease in hedge fund sentiment lately. I was
in 42 hedge funds' portfolios at the end of the second quarter of 2019.
There were 54 hedge funds in our database with I positions at the end of
the previous quarter. Our calculations also showed that I isn't among
the 30
most popular stocks among hedge funds (see the video below).
Click
HERE for
further details from Insider Monkey/Yahoo Finance
Shares closed today
$25.69/share
Intelsat (I)
Q3 Loss Wider Than Expected, Revenues Down Y/Y
Posted: 30 October 2019
Intelsat S.A. I reported lackluster third-quarter 2019
results, wherein the top line decreased year over year.
Despite the soft quarterly performance, the company's share
price increased 1.18% in yesterday's trading session
following the results to eventually close at $26.52,
probably driven by an unchanged outlook for the year.
Net Loss
On GAAP basis, net loss for the reported quarter was $148.3
millioin or loss of $1.05 per share compared with loss of
$374.6 million or loss of $2.74 per share in the prior-year
quarter. The narrower loss was mainly due to the
absence of loss on early extinguishment of debt (amounting
to $204.1 million), which was recorded in the prior-year
quarter. Adjusted net loss per share was $1.05, which
was wider than the Zacks Consensus Estimate of loss of $1.
Click
HERE for
further details from Zacks/Yahoo Finance
C-Band
Alliance Joins with U.S. Wireless Community on FCC Filing Detailing
C-Band Auction Principles
Posted: 29 October 2019
National, regional,
and rural wireless operators join with C-Band Alliance on
principles for a C-band auction
Principles include
auction transparency, fairness, and efficiency; multi-round
ascending clock auction format; and contribution of a portion of
proceeds to U.S. Treasury
WASHINGTON--(BUSINESS
WIRE)--The C-Band Alliance (CBA) announced today that
it joined a number of national, regional, and rural wireless
operators in an FCC filing detailing a set of principles to
guide a process for auctioning off terrestrial rights to C-band
spectrum.
Consistent with the goal of clearing spectrum and completing the
auction efficiently and expeditiously, the CBA has proposed to
clear a first tranche of 120 MHz of spectrum, inclusive of the
20-MHz guard band, in 46 top metropolitan zones within 18 months
of an FCC order. The second tranche of the remaining spectrum
would be made available within 36 months of the C-band auction,
providing cleared spectrum throughout the entire continental U.S.
C-Band
Alliance Proposes to Clear 300 MHz of Spectrum for Nationwide 5G
Deployment
Posted: 28 October 2019
C-Band Alliance
updates 5G proposal to the FCC and offers to clear 300 MHz of
C-band spectrum, inclusive of a 20-MHz guard band
Proposes to make
available for 5G use 100 MHz in 46 top metropolitan areas within
18 months of an FCC order, and 280 MHz throughout the
continental U.S. within 36 months from a CBA-led auction
Maintains reliability
and continuity of all services and encourages customer use of
advanced video compression and other technologies to improve
spectrum efficiency
WASHINGTON--(BUSINESS
WIRE)--The C-Band Alliance (CBA) announced today that
it will commit to clear 300 MHz of C-band spectrum to support
fast 5G wireless deployment throughout the continental U.S. In
an updated filing with the U.S. Federal Communications
Commission (FCC), the CBA detailed that the 300 MHz of spectrum
includes a 20-MHz guard band to protect existing satellite
services from 5G interference.
Further enhancing its plan to
clear spectrum quickly, the first tranche—which clears spectrum
within 18 months of an FCC order in 46 top metropolitan zones—is
now increased to 120 MHz, inclusive of the 20-MHz guard band.
The second tranche of the remaining spectrum will be made
available within 36 months from a CBA-led auction, providing
cleared spectrum throughout the entire continental U.S.
We are pleased to Welcome the following new member to the Intelsat
Retirees and Alumni Association:
October
2019
Barbara Farmer
Intelsat's
FlexMaritime Powers KVH Elite Streaming Service for Yachts
Posted: 9 Octboer 2019
LUXEMBOURG--(BUSINESS
WIRE)--Intelsat
S.A. (NYSE:
I) announced today that its FlexMaritime service
will power KVH Elite™ – a new, unlimited VSAT streaming service that
provides high-definition (HD)-quality, dedicated bandwidth for yachts
and leisure charters.
“FlexMaritime provides a high-speed, flexible service that delivers the
consistent and reliable performance that yacht owners need,” said Mark
Rasmussen, SVP, Global Sales and Distribution, Intelsat. “The
multi-layered satellite coverage ensures a clear advantage over
competitive single-layer constellations, which often provide only
best-effort service levels and don’t always offer consistent
connectivity wherever and whenever it is needed. The combination of
Intelsat’s global network infrastructure and KVH’s maritime expertise
continues to expand the quality and availability of communications for
the entire maritime sector.”
Option Traders Expect Huge Moves in Intelsat (I) Stock
Posted: 27 September 2019
Investors in
Intelsat S.A. (I - Free Report) need to pay close attention tot he stock
based on moves in the options market lately. That is because the
Dec. 20, 2019 $10.00 Put had some of the highest implied volatiliy of
all equit options today.
What
is Implied Volatility?
Implied
volatility shows how much movement the market is expecting in the
future. Options with high levels of implied volatility suggest that
investors in the underlying stocks are expecting a big move in one
direction or the other. It could also mean there is an event coming up
soon that may cause a big rally or a huge sell-off. However, implied
volatility is only one piece of the puzzle when putting together an
options trading strategy.
We are pleased to Welcome the following new member to the Intelsat
Retirees and Alumni Association:
September
2019
Gail Yamazaki
Why Intelsat
Stock Dropped 16% This Morning
Posted: 3 September 2019
Rich Smith (TMFDitty)
Sep 3, 2019 at 12:23PM
What
happened
This
morning, without warning -- and without any news relating to the company
specifically, it seems -- shares of satellite communications company Intelsat (NYSE:I) abruptly
plunged 16%.
The stock has since recovered
somewhat, and as of 11:40 a.m. EDT, it's trading down "only" 7%. But
that still leaves investors scratching their heads: Why did Intelsat
stock fall in the first place?
Click
HERE for
further details from The Motley Fool
Shares closed today $19.39/share
C-Band Alliance
Issues Response to Eutelsat Decision to Withdraw from Alliance
Posted: 3 September 2019
Washington, D.C., September 3, 2019 –
The C-Band Alliance notes the statement of Eutelsat issued
today to withdraw from the Alliance. The CBA remains
committed to delivering its expeditious, market-based
proposal and the departure of Eutelsat does not impact the
CBA’s ability to do so. The remaining members of the
CBA, which represent approximately 95% of the affected
revenues of the US C-band market, are aligned and committed
to the process of engaging with the FCC on the proposal of
rapidly clearing C-band spectrum
to
support the deployment of 5G services in the U.S.
July 30, 2019,
07:55:09 AM EDT By Zacks Equity Research, Zacks.com
Intelsat (I) came
out with a quarterly loss of $1.05 per share versus the Zacks Consensus
Estimate of a loss of $0.95. This compares to loss of $0.38 per share a
year ago. These figures are adjusted for non-recurring items.
This quarterly report represents
an earnings surprise of -10.53%. A quarter ago, it was expected that
this communications and satellite company would post a loss of $0.61 per
share when it actually produced a loss of $0.87, delivering a surprise
of -42.62%.
Did the Underlying Business Drive
Intelsat's (NYSE: I) Lovely 712% Share Price Gain?
Posted: 19 July 2019
Simply Wall St. -
July 19, 2019
For us, stock
picking is in large part the hunt for the truly magnificent stocks. You
won't get it right every time, but when you do, the returns can be truly
splendid. One bright shining star stock has been Intelsat
S.A. (NYSE:I),
which is 712% higher than three years ago. In the last week the share
price is up 6.2%.
It really
delights us to see such great share price performance for investors.
Given that
Intelsat didn't make a profit in the last twelve months, we'll focus on
revenue growth to form a quick view of its business development. When a
company doesn't make profits, we'd generally expect to see good revenue
growth. Some companies are willing to postpone profitability to grow
revenue faster, but in that case one does expect good top-line growth.
Hedge Funds Have
Never Been This Bullish on Intelsat (I)
Posted: 11 June 2019
Before we spend days researching a stock idea we'd like
to take a look at how hedge funds and billionaire investors recently
traded that stock. S&P 500 Index ETF (SPY) lost 2.6% in the first two
months of the second quarter. Ten out of 11 industry groups in the S&P
500 Index lost value in May. The average return of a randomly picked
stock in the index was even worse (-3.6%). This means you (or a monkey
throwing a dart) have less than an even chance of beating the market by
randomly picking a stock. On the other hand, the top 20 most popular S&P
500 stocks among hedge funds not only generated positive returns but
also outperformed the index by about 3 percentage points through May
30th. In this article, we will take a look at what hedge funds think
about Intelsat S.A. (NYSE:I).
David M. Tolley to Join Intelsat as
Executive Vice President and Chief Financial Offer
Posted: 29 May 2019
LUXEMBOURG--(BUSINESS
WIRE)--Intelsat, S.A. (NYSE: I) today announced the
appointment of David M. Tolley as Executive Vice President and Chief
Financial Officer, effective June 3, 2019.
Tolley will report to Intelsat’s Chief Executive Officer,
Stephen Spengler, and oversee Intelsat’s global finance organization. He
will serve on Intelsat’s Management Committee and be based in the
company’s U.S. administrative headquarters in McLean, Virginia.
Tolley brings over 20 years of financial experience to
Intelsat. He most recently served as the Chief Financial Officer of
OneWeb where he led the global finance organization and served on the
company’s Executive Committee. Prior to OneWeb, Tolley served as a
Senior Managing Director in the Private Equity Group at Blackstone
(NYSE: BX) where he led satellite services strategy and investing and
served on the Private Equity Investment Committee. During that period,
he was Chairman of the Board of Directors of NewSkies Satellites N.V.
and led the public-to-private acquisition, re-IPO and ultimate
divestiture of NewSkies to SES S.A. Prior to Blackstone, he was a Vice
President at Morgan Stanley in the Investment Banking Division, where he
provided banking and advisory services to established and emerging
companies in the broader communications sector.
Click
HERE for
further details from Business Wiree
Shares closed today $19.10/share
Why Intelsat
Stock Soared 29.2% in April
Posted: 10 May 2019
Keith Noonan (TMFNoons)
May 10, 2019 at 11:47AM
What Happened
Shares of
Intelsat
(NYSE:I)
rose 29.2% in April, according to data from
S&P Global Market Intelligence. The stock gained ground early in the
month thanks to favorable analyst coverage and continued to gain ground
despite the failure of the company's 29e satellite.
Intelsat stock
has been on an incredible run thanks to the increasing likelihood that
the company will be able to use its satellite systems to provide
bandwidth used by 5G internet networks. Making this a reality hinges on
getting the government to open up portions of the C-band wireless
spectrum for commercial use, and it appears that things are moving in
that direction.
Click
HERE for
further details from The Motley Fool
Shares closed today $21.15/share
Option Traders
Expect Huge Moves in Intelsat (I) Stock
Posted: 10 May 2019
Investors in
Intelsat S.A.(I -Free
Report) need to pay close
attention to the stock based on moves in the options market lately.
That is because the Sep. 20, 2019 $16.00 Call had some of the highest
implied volatility of all equity ooptions today.
What is
Implied Volatility?
Implied
volatility shows how much movement the market is expecting in the
future. Options with high levels of implied volatility suggest that
investors in the underlying stocks are expecting a big move in one
direction or the other. It could also mean there is an event coming up
soon that may cause a big rally or a huge sell-off. However, implied
volatility is only one piece of the puzzle when putting together an
options trading strategy.
Intelsat Announces First Quarter 2019 Results
Posted: 30 April 2019
• First quarter net loss attributable to Intelsat S.A. of $120.6 million
• First quarter Adjusted EBITDA of $380.3 million or 72 percent of revenue
• March 31, 2019 contracted backlog of $7.9 billion
• 2019 Financial Guidance Updated for Financial Impact of Intelsat 29e Satellite Failure
Intelsat S.A., I, +127%,
operator of the world's first Globalized Network and leader in
integrated satellite solutions, today announced financial results for
the three months ended March 31, 2019.
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