$I Intelsat paid $4.3B in the early 2000s for Loral's and PanAmSat's spectrum usage rights. The offer of $4.85 B to transition the spectrum on an accelerated schedule is highway robbery. The spectrum usage rights are now worth tens of billions more than what Intelsat originally paid and what the FCC is offering. All prior precedent has the spectrum licensees receiving 100% of auction proceeds. While $4.85B would certainly put a nice dent in Intelsat's current debt, and would return significant value to stakeholders, they should be fighting for substantially more. If C-Band were to negotiate for a % share of the proceeds, or if this were to go to litigation, I argue that the prospect of the offer improving significantly would drive the SP up considerably. Again, time is of the essence if the U.S. is going to be a global leader in 5G, and they need C-Band's buy in to clear spectrum, so C-Band has significant leverage. I just hope C-Band's leadership negotiates intelligently...
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