Why Intelsat Stock Just Lost Another 21%
Pity Intelsat (NYSE: I) investors -- they just can't catch a break.
Yesterday, as you'll recall, Intelsat stock was routed after Federal Communications Commission Chairman Ajit Pai tweeted his support for proposals in Congress to publicly auction off C-Band spectrum licensed to Intelsat and the other members of its C-Band Alliance. The Alliance, or CBA, had been hoping to sell C-Band spectrum to 5G internet providers privately, reaping rewards of perhaps $60 billion in revenue. But now, Congress appears intent on taking over that process, probably delaying it and possibly appropriating much of the profits for the U.S. Treasury.
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Source Fool.com
