Eutelsat had a bad day on February 17th in terms of its share price. Poor half-year results and the company pushing out to its 2023/2024 financial year any prospect of much improvement, drove its share price down from €11.39 to €10.70. There are also two satellite launches which are suffering damaging delays. The Paris-based satellite […]
The hearing of the litigation between SES and Intelsat in front of Judge Keith Phillips is now well into its second week. The dispute concerns the division of FCC ‘incentive’ payments. SES is claiming 50 per cent of the FCC’s allocation of payments, plus damages against Intelsat.. One of the many Intelsat lawyers on the […]
The 50/50 legal action between SES and Intelsat continues. SES, in a statement, reminded interested parties as to its claims and core argument. SES originally sought $421 million in direct compensatory damages as well as punitive damages for a total claim of about $1.8 billion. Under a settlement related to Intelsat’s exit plan from its […]
Steve Collar, CEO of SES, told the SES vs Intelsat trial currently taking place that he trusted and liked Intelsat’s CEO Steve Spengler. “He was a good guy. I liked him, and I trusted his assurance that [the 50/50 revenue agreement] between SES and Intelsat was solid,” said Collar. He told the court that it […]
SES documents submitted in the dispute between themselves and Intelsat over the division of C-band proceeds admit that the FCC decision to award some 50 per cent of the overall sum involved to Intelsat “could be bad for us”. The statement was made in an email from a senior SES executive to company colleagues. SES […]
The trial between SES and Intelsat over how the FCC’s C-band ‘incentive payments’ are being distributed opens on February 7th. The court has set aside up to two weeks for the hearings before Intelsat’s Chapter 11 bankruptcy judge Keith Phillips. However, last week the judge delayed an element of the trial dispute revolving around a […]
Earlier this week, SES requested that Intelsat’s bankruptcy court forbid Intelsat calling James Murray to provide expert evidence as part of the SES vs Intelsat 50/50 claim over the FCC’s C-band incentive payments. Intelsat has now filed its own Motion, and it pulls no punches. Intelsat’s lawyers in a 2-page objection states bluntly: “If SES’s […]
Last week saw Intelsat’s lawyers submit their arguments to the court in advance of the trial scheduled for February 7th. Intelsat gave a number of reasons why they believe the SES claim for 50 per cent of the FCC’s incentive payments for clearing C-Band spectrum should fail. Lawyers for SES, on January 14th, submitted their […]
A report from investment bank Berenberg says SES is “on track” to receive post-tax C-band proceeds of over 80 per cent of its market capitalisation in just over the next two years. The bank says: “This creates significant optionality for shareholder returns, balance sheet repair and disciplined investment. As phase one C-band proceeds are received […]
The much-delayed legal action from SES against Intelsat over the division of FCC C-band incentive payments is scheduled to begin on February 7th. Two weeks have been allocated for the action. While subject to last-minute delays and Court rules over the Covid anxieties, the lawyers in the action have agreed that witnesses might appear in […]