$I have a look at JP Morgan’s history on this stock. On April 3 last year, the same guy who said Intelsat is worthless yesterday, says “Intelsat shares at $15 only price in about $10 billion of total auction proceeds . . . ~$4b for Intelsat”. So last year he thought the stock was cheap at $15 when it was only pricing in $4B of proceeds to Intelsat. But yesterday, after we find out Intelsat is likely to get at least $4.4B he thinks the stock is worthless. What happened?