David Tepper bought the beaten-down stock of a satellite company amid its FCC fight over 5G — now shares are soaring (I)

Reuters

• Star hedge fund manager David Tepper penned a letter to satellite provider Intelsat's board Tuesday, pressuring leadership to negotiate better terms in a deal it's facing with the FCC.
• In the deal, Intelsat is seeking compensation in exchange for giving up its rights to its spectrum, which the FCC wants to use to build a 5G mobile network.
• Tepper, whose fund took a 7.4% minority stake in Intelstat, says if the FCC won't compensate Intelsat better, the company should file for bankruptcy instead.
• Visit Business Insider's home page for more stories.

David Tepper announced on Tuesday that his hedge fund, Appaloosa Management, has a 7.4% stake in the satellite company Intelsat. He's using his position to pressure the company to renegotiate terms in a deal it's facing with the Federal Communications Commission. 

The stock was up as much as 6.92% in early trading Wednesday. That's after a surge Tuesday, when shares traded as high as 33.98% above the previous day's close, ending trading up 26.2%.See the rest of the story at Business Insider

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption

See Also:

• Michael Jackson's Neverland Ranch has been pulled off the market after failing to sell for almost 5 years. Look inside the 2,700-acre property that was once asking $100 million.
• Jeff Bezos just pledged to spend $10 billion to fight climate change. Here's how the richest person in the world makes and spends his billions.
• Retiring early doesn't mean you'll stop making money — here's how a retired millennial made more than $60,000 in passive income in one year