PARIS — To paraphrase Warren Buffett, it’s when the tide goes out in the commercial geostationary-orbit satellite market that you find out who’s been swimming naked.

The market was good enough, for long enough, to make even military-focused companies turn their heads. Boeing and Lockheed Martin for years said they were retooling for a commercial market in which global fleet operators were expanding, national operators were going regional and one-nation systems were popping up everywhere.

That market now appears exhausted, and geostationary-focused satellite builders . . .

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