Latest news with #Ergen
Mint
3 hours ago
- Business
- Mint
EchoStar Bondholders Huddle With Law Firm Akin Gump as Default Looms
(Bloomberg) -- Bondholders to EchoStar Corp. are working with law firm Akin Gump Strauss Hauer & Feld and investment bank Centerview Partners LLC as the telecommunications company mulls a potential bankruptcy filing amid a Federal Communications Commission probe, according to people familiar with the matter. The moves come as the company controlled by billionaire Charlie Ergen announced at the end of May it was skipping bond coupon payments, said the people, who asked not to be named because they can't speak publicly. That set the clock ticking for a default unless the company pays up before the end of a 30-day grace period. A spokesperson for EchoStar and a representative for Akin Gump didn't respond to requests for comment. A representative for Centerview declined to comment. The Wall Street Journal reported Akin Gump is advising the bondholder group earlier on Tuesday. The company has about $5 billion of cash on its balance sheet but decided not to pay bond interest, including those of its Dish DBS unit that came due on June 2, as the FCC review of spectrum rights has 'frozen' its ability to make decisions regarding the company's 5G network buildout. EchoStar's statement on May 30 suggested a Chapter 11 bankruptcy filing was possible. The company declined to comment on 'rumors and speculation' regarding a possible Chapter 11 filing responding to questions from Bloomberg News last week. Ergen had repeatedly sought to meet with FCC's Chairman Brendan Carr in the months leading up to the agency's probe into the company's wireless spectrum holdings, but was never able to secure a sit-down, according to emails made public by EchoStar on Monday. (Updates to add Centerview Partners as the bank the group is consulting.) More stories like this are available on
Business Wire
6 days ago
- Business
- Business Wire
SATS INVESTIGATION ALERT: Robbins Geller Rudman & Dowd LLP Launches Investigation into EchoStar Corporation and Encourages Investors with Substantial Losses or Witnesses with Relevant Information to Contact Law Firm
SAN DIEGO--(BUSINESS WIRE)--The law firm of Robbins Geller Rudman & Dowd LLP is investigating potential violations of U.S. federal securities laws involving EchoStar Corporation (NASDAQ: SATS) focused on whether EchoStar and certain of its top executives made false and/or misleading statements and/or failed to disclose material information to investors. If you have information that could assist in the EchoStar investigation or if you are an EchoStar investor who suffered a loss and would like to learn more, you can provide your information here: THE COMPANY: EchoStar, together with its subsidiaries, provides networking technologies and services. THE REVELATIONS: The Wall Street Journal published an article entitled 'FCC Threatens Charlie Ergen's Hold on Satellite, 5G Spectrum Licenses,' reporting that '[t]he Federal Communications Commission told Ergen, the chairman and co-founder of network operator EchoStar, that the agency's staff would investigate the company's compliance with federal requirements to build a nationwide 5G network.' Following this news, the price of EchoStar stock fell more than 16%. Then, on May 30, 2025, EchoStar disclosed that it had 'elected not to make an approximately $326 million cash interest payment due on May 30, 2025' in order 'to allow time for the FCC to provide the relief requested in our Response prior to the expiration of the 30-day grace period, so that we may confidently continue investing in our network buildout and expansion of our Boost business and [mobile-satellite service].' Following this news, the price of EchoStar stock fell an additional 12%. And on June 2, 2025, EchoStar similarly revealed that '[i]n light of the uncertainty raised by the Federal Communications Commission ('FCC') review disclosed . . ., EchoStar . . . has elected not to make approximately $183 million in cash interest payments due on June 2, 2025' in order 'to allow time for the FCC to provide the relief requested in our FCC filing prior to the expiration of the 30-day grace period.' Following this news, the price of EchoStar stock fell more than 11%. ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information: Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices.
Yahoo
13-05-2025
- Business
- Yahoo
Why EchoStar Stock Plummeted by Over 16% Today
The FCC levied accusations at the company over its network build-out. EchoStar says it is in compliance with the regulator. 10 stocks we like better than EchoStar › It's almost never encouraging for an investor to learn of a federal government investigation into one of their companies. That was the news driving down telecom services provider EchoStar (NASDAQ: SATS) on Monday; the market shunned the stock, to the point where it closed the day more than 16% down in price. The S&P 500 (SNPINDEX: ^GSPC), meanwhile, had a banner day with a nearly 3.3% gain. EchoStar is the company that operates both the Boost Mobile budget telecom brand, and the Dish Network satellite TV service. The Wall Street Journal reported Monday that the federal government's Federal Communications Commission (FCC) notified company co-founder and chairman Charlie Ergen that it would investigate the company for compliance in building out a 5G network. The newspaper quoted a letter written by FCC chairman Brendan Carr to Ergen stating that "The FCC structured the build-out obligations to prevent spectrum warehousing and to ensure that Americans would gain broader access to high-speed wireless services, including in underserved and rural areas." EchoStar has vaulting ambitions to expand its network, but according to the newspaper's reporting, the project has experienced delays and progress has been slow. Boost's subscriber count has declined over the past five years, the Journal added. Neither the broadcasting company nor Ergen has directly responded to the article. EchoStar has maintained that it has met all regulatory requirements, and that its 5G network covers more than 268 million people in this country. Although it can't be considered an incumbent telecom services provider, Boost Mobile is an assertive operator that has successfully carved out market share. That FCC action is going to hang over the company and its stock like a cloud, so until that situation approaches a resolution, it might be best to sit on the sidelines with EchoStar. Before you buy stock in EchoStar, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and EchoStar wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $614,911!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $714,958!* Now, it's worth noting Stock Advisor's total average return is 907% — a market-crushing outperformance compared to 163% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 12, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why EchoStar Stock Plummeted by Over 16% Today was originally published by The Motley Fool
Yahoo
26-03-2025
- Health
- Yahoo
Tennessee bill would allow human chiropractors to practice on animals
NASHVILLE, Tenn. (WKRN) — A bill making its way through the Tennessee legislature would allow for human chiropractors to practice on animals. Brought by Bedford County Representative and House Speaker Pro Tempore Pat Marsh (R-Shelbyville), HB 1064 would allow for licensed chiropractors to perform animal chiropractic. Some stipulations of the bill include taking six hours of continuing animal chiropractic education annually, as well as all educational requirements set forth by the board of chiropractic examiners. Further, any chiropractor who wishes to practice animal chiropractic must obtain a certificate in animal chiropractic from the American Veterinary Chiropractic Association. According to Marsh, the bill would address the problem of veterinarians 'all of a sudden' saying they want full control of animal care. 'They want the folks that have these animals to bring the animal to the veterinarian first before they take it to an animal chiropractic,' Marsh said during the House Agriculture & Natural Resources Committee on Tuesday, March 25. 'This will add, in my opinion, a lot more expense. If you're taking your dog or horse to a veterinarian first, which is what they want, and then to a chiropractor, you're definitely going to be paying more money. You're going to be paying twice, in my opinion. These are animals, not humans. Even in humans, we don't have to go to a doctor before we go to a chiropractor. This should be left up to the owners of the animal to have a choice.' Dr. Mary Ergen, a licensed veterinarian in Nashville and executive board member of the American Veterinary Medical Association (AVMA), spoke out against the bill, saying 'untrained owners and undertrained individuals should not be determining if or why an animal is painful.' Ergen said there were many reasons why an animal might have pain other than back, neck, or muscle issues, and veterinarians used evidence-based methods to diagnose medical conditions in animals in Tennessee. 'I understand that pets are personal property and owners can do what they want, but we are veterinarians and we have been entrusted by you and the public of Tennessee with the care of these magnificent beings who, unlike my car or TV, do feel pain,' she said. TN rep confronts fellow lawmaker over gun legislation Ergen also pointed out animal care teams frequently include 'integrated practitioners such as chiropractors and physical therapists,' as well as owners, groomers, farriers, trainers, breeders, and handlers, but veterinarians 'should be the coach.' 'All we're asking is that, similar to animal physical therapy treatments, animals have veterinary evaluation before starting chiropractic care. When asked by Rep. Bud Hulsey (R-Kingsport) why she was speaking out against animal chiropractic now, despite Marsh's claims of its being in existence for 'over 100 years,' Ergen said she has seen a number of complaints of animal chiropractors as part of her duties with the AVMA. Ergen said she understood the desire and ability of producers in the state to take care of their own animals, but cautioned against going straight to animal chiropractic in lieu of a veterinarian for animal medical issues. 'What if you went to the veterinarian and your dog actually had a ruptured cruciate tendon, which is extremely common, and needs surgery? Chiropractic care is not going to benefit that animal at all. You could do chiropractic care for 100 years, and that dog is still going to limp because his knee is blown out,' she said. Rep. Rebecca Alexander (R-Jonesborough) offered an amendment that would have required any chiropractor wishing to practice on animals to enter into an agreement with a board certified veterinarian as a safety precaution. Tennessee lawmaker floats 12-month birth control supply bill 'If something goes wrong, we need that veterinarian to be a part of those decision makings,' she said. Dr. Michael Towns, a veterinarian in Trousdale County, also spoke out against, the bill, calling it 'the only instance where a licensing board other than the Board of Veterinary Medical Examiners will license, certify, and discipline inidividuals to practice veterinary medicine.' 'Allowing human chiropractors to diagnose and treat animal disease is unprecedented, and it will endanger animal health and wellbeing. Human chiropractors do not possess the requisite training, knowledge, expertise, equipment, sedation, and handling requirements to diagnose animal diseases and identify animals that would benefit from chiropractic care or be harmed by chiropractic care,' Towns said. 'This bill sets a dangerous precedent and opens the door to allow the destruction of veterinary medicine. The door that gets cracked open today will get kicked down tomorrow.' Tiffany Stevens, Executive Director of the Tennessee Chiropractic Association, said animal chiropractic could 'make a profound difference' in animals' lives, stressing chiropractic was not veterinary medicine but could work hand-in-hand with chiropractic to enhance animals' lives. Richard Cole, a Memphis chiropractor, also supported the bill, saying it was a clear representation of 'freedom of choice' for pet owners. ⏩ 'This bill establishes competency standards for veterinarians and chiropractic physicians who wish to provide chiropractic services to animals,' Cole said of the bill. Cole also noted animal chiropractic is growing in popularity, and the bill would allow pet owners better choices for their beloved pets' care. He further argued chiropractors possessed the same diagnostic capabilities as veterinarians or physicians. Ultimately, Marsh's bill passed out of the agricultural committee and will next be heard by the House Health Committee. The Senate version of the bill also passed out of committee and will next be heard by the Senate Calendar Committee. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
