David Tepper bought the beaten-down stock of a satellite company amid its FCC fight over 5G — now shares are soaring (I)
Reuters
- Star hedge fund manager David Tepper penned a letter to satellite provider Intelsat's board Tuesday, pressuring leadership to negotiate better terms in a deal it's facing with the FCC.
- In the deal, Intelsat is seeking compensation in exchange for giving up its rights to its spectrum, which the FCC wants to use to build a 5G mobile network.
- Tepper, whose fund took a 7.4% minority stake in Intelstat, says if the FCC won't compensate Intelsat better, the company should file for bankruptcy instead.
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David Tepper announced on Tuesday that his hedge fund, Appaloosa Management, has a 7.4% stake in the satellite company Intelsat. He's using his position to pressure the company to renegotiate terms in a deal it's facing with the Federal Communications Commission.
The stock was up as much as 6.92% in early trading Wednesday. That's after a surge Tuesday, when shares traded as high as 33.98% above the previous day's close, ending trading up 26.2%.See the rest of the story at Business Insider
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