August sees 3 Intelsat actions in court
July 29, 2021
Three sets of Intelsat-related court actions will come before the courts during August.
August 18th will see the adjourned hearing on Intelsat’s Chapter 11 bankruptcy disclosure statement take place. It will take place at the US bankruptcy court for the Eastern District of Virginia.
The hearing will focus on Intelsat’s bankruptcy reorganisation/exit scheme filed before the court on February 12th 2021. However, there are plenty of objections and motions in front of the court for adjudication by the bankruptcy’s presiding judge.
The second hearing, on August 19th will see the court hear arguments over the SES claim for a 50/50 division of Intelsat and SES’s receipt of the FCC incentive payments. SES is arguing that its claim should proceed, potentially to a full trial of the facts in September.
The third event takes place in another court (the Northern District of California) on August 28th and concerns allegations of insider trading (Hill vs Silver Lake Group et al) and targets two major shareholders in Intelsat stock as well as the company’s chairman (and former CEO) Dave McGlade.
On July 14th the court ordered all parties involved in the insider trading Class Action to submit their documentation in the dispute to the judge’s chambers.
To date, the defendants in the Class Action have asked for the court to dismiss the claims.