After FCC Chairman Pai announced his plan to auction 280 MHz in the "C-band" of spectrum in a public auction run by the FCC, Raymond James analyst Richard Prentiss noted that $9.7B of proposed Accelerated Reallocation Payments that high bidders would pay the satellite companies "is less than we had hoped the satellite operators would be receiving." However, including clearing costs, the satellite operators should get about $13-15B or more in payments for repurposing their C-band holdings for 5G wireless use, Prentiss said. The analyst added that "the devil is still in the details and how the proceeds will be split" since it is not yet known how the proceeds will be split among the C Band Alliance of Intelsat (I), SES (SGBAF), and Telesat, the former CBA member Eutelsat, and small satellite operators. He also now assumes the threat of litigation, with or without a bankruptcy component, is off the table for Intelsat. Prentiss maintains an Outperform rating on Intelsat shares with a $12 price target.