TD Cowen says that on June 13, Bloomberg reported that EchoStar (SATS) Chairman Charlie Ergen met with President Trump who encouraged both EchoStar and the Federal Communications Commission to resolve the ongoing spectrum saga. This is a “positive sign of progress to be made on a resolution” as EchoStar has reportedly attempted on many occasions to meet with the FCC, the analyst tells investors in a research note. TD points out that EchoStar sits on potentially $60B of wireless spectrum and $20B-plus of which is unencumbered. Charlie Ergen owns 52% of EchoStar and 91% of the voting rights, and his family estate and legacy are tied to the stock and subsequently “won’t let EchoStar go bankrupt,” TD adds. The stock in in morning trading is up 49%, or $8.22, to $25.06.
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