PARIS — Hedge fund Appaloosa LP, which increased its stake in fleet operator Intelsat to 7.4% via two investment vehicles, asked Intelsat’s board to refuse to accept the U.S. Federal Communications Commission’s proposed order that would give Intelsat only “token compensation” for vacating C-band spectrum until the agency proposed a better deal.
If the FCC refuses to modify its proposal, then Intelsat “has no choice but to resort to bankruptcy and litigation in order to protect [its] valuable license rights from an illegal . . .
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