Spectrum Five Dodging Heart of Complaint, BIU Says
Spectrum Five CEO David Wilson's claims about its dropping a complaint against Intelsat (see 2308310024) dodge lender BIU's central points, BIU said Wednesday in docket 20-399. He doesn't explain what BIU's power of attorney agreement with SF conveys, it said,…
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saying "if it does not convey the right to protect BIU’s investment, it is useless." BIU said the rights in question are its "only collateral for economic interests worth hundreds of millions of dollars" and Wilson's equity in SF "is subsidiary to the holders of debt in BIU." "Most telling of all" is that Wilson doesn't explain why he withdrew the Intelsat petition, it said. Wilson didn't comment. SF's 2020 complaint said it had senior priority rights to operate at 95 degrees west, but the two Intelsat satellites there were using power levels twice as high as ITU allows (see 2012010057).