"The extent of the value destruction is pretty breathtaking. They have consumed over $3.8B of capital between the paid in capital and debt outstanding. The 1L bonds are at 25, so that's about $160MM, Oaktree has about $250MM in so we have $400MM in round numbers of market EV (let's assume the equity is a goose egg), just a hair under 90% wealth destruction. That takes some doing - this will rival things like GSAT and IRDM in their first iteration...similar science project type of deals funded heavily with debt while in project development phase. Amazing bond holders sign up for this kind of nonsense."