“Any reasonable person – and juror – would believe that there was insider trading” states a motion from lawyers for the Class Action against some Intelsat shareholders and the company chairman, Dave McGlade, provided their detailed claim for the Northern District of California Court. Their action is due to be heard on April 28th. The […]
Steve Collar, CEO of SES, told the SES vs Intelsat trial currently taking place that he trusted and liked Intelsat’s CEO Steve Spengler. “He was a good guy. I liked him, and I trusted his assurance that [the 50/50 revenue agreement] between SES and Intelsat was solid,” said Collar. He told the court that it […]
Intelsat’s last-minute set of reorganisation agreements, the 6th Supplemental Declarations, as part of its Exit Plan reached on December 16th with some of its – relatively modest – remaining creditors should now enable the satellite operator to fully emerge from bankruptcy early in the New Year. There are some legal hurdles ahead, not least the […]
Steve Spengler, Intelsat’s CEO, firmly denies being the conduit for any alleged insider trading information over the sale of Intelsat stock by certain shareholders and the company’s chairman Dave McGlade. It has been alleged that two major investors, and Intelsat’s chairman Dave McGlade, sold in total some $260 million (€230m) of Intelsat stock ahead of […]
Intelsat’s CEO Steve Spengler is to step down, just hours after Eutelsat’s Belmer announced his move. Spengler will retire once Intelsat emerges from its Chapter 11 bankruptcy. “Until that time, Spengler will continue as CEO and lead Intelsat through the final stages of this process, ensuring a smooth transition,” said a company statement. A search […]
Intelsat SA has issued its proxy notice to shareholders for its AGM to be held on June 15th in Luxembourg. The proxy notification was signed by Intelsat SA’s chairman, Dave McGlade who is still at the business despite allegations of past insider dealing. A Federal Court lawsuit in January 2021 claims that McGlade, Intelsat’s chairman […]
Intelsat has been hit with another claim of insider dealing over the reallocation of C-band spectrum and the collapse of Intelsat share values. This time the allegation concerns its current chairman and former CEO Dave McGlade. Intelsat is in Chapter 11 bankruptcy reconstruction. McGlade is specifically alleged to have sold a significant package of Intelsat […]
Intelsat’s most senior staff received good news on December 22nd when the company’s bankruptcy court approved the request for a series of Key Employee Incentive Payments (KEIP) for 2021. But the court made some major adjustments to the core requests. The total three tier KEIP plan is trimmed downwards to $6,720,038 for the lower ‘Threshold’ […]
Despite being in bankruptcy protection, Intelsat’s executives are seeking to continue receiving impressive salaries and compensation packages. Intelsat is continuing to operate its business as a ‘debtor in possession’. On June 30th, the bankruptcy court will consider a motion to allow Intelsat to continue paying senior staff under its Key Executive Incentive Plan (KEIP) which […]