The Buxton Helmsley Group, Inc. (together with certain of its
affiliates, “BHG” or “we”), the New York City-based investment fund
manager with financial interests in EchoStar Corporation
(“EchoStar” or the “Company”) (NASDAQ: SATS), today issued an open
letter (the “Letter”) to U.S. Senators Elizabeth Warren and Sheldon
Whitehouse (members of the U.S. Senate Committee on Finance), after
EchoStar’s filing of a Form 10-K with the U.S. Securities and
Exchange Commission (“SEC”) on February 29, 2024 (the “February 29
Form 10-K”), which failed to disclose $15B in implicitly admitted
equity value overstatement, among other issues.
BHG has issued multiple letters to EchoStar’s Board of Directors
(the “Board”) setting forth the apparent ongoing accounting and
securities fraud at the Company, and EchoStar has never denied the
allegations; instead, EchoStar resorted to stripping assets from
DISH Network Corporation shortly after BHG had privately brought
DISH’s evidenced net asset insolvency to the attention of the
EchoStar Board.
Simultaneous to the Letter issued to U.S. Senators Warren and
Whitehouse, BHG also today issued a separate letter to EchoStar’s
Board of Directors, discussing the Company’s continued accounting
and securities law failures as part of its February 29 Form 10-K.
BHG also addressed verbal statements made by the Company’s
leadership on its March 1, 2024, earnings call, which further
support BHG’s allegations of apparent accounting and securities
fraud occurring at the Company.
As part of the Letter to U.S. Senators Warren and Whitehouse,
BHG also mentions its whistleblowing involvement at Mallinckrodt
plc. (formerly, NYSE: MNK).
The full Letter to U.S. Senators Warren and Whitehouse of the
Senate Committee on Finance may be found at:
https://www.buxtonhelmsley.com/sats/
The additional letter simultaneously issued to the EchoStar
Board today, along with all previous public and private letters,
may be found at: https://www.buxtonhelmsley.com/sats/
About Buxton Helmsley: The Buxton Helmsley Group, Inc. is
a New York City-based investment advisory firm and fund manager,
engaging in both active and passive investment strategies across a
range of asset classes, with a general focus on opportunities in
North America and Europe. The investment approach is based on deep
fundamental analysis and risk management, with a focus on ensuring
that the disclosure obligations of companies and other entities are
being complied with under applicable accounting standards and
securities laws.
Disclosure and Disclaimer:
Disclosure and Disclaimer: This letter (the “Letter”) has
been publicly released by The Buxton Helmsley Group, Inc.
(“BHG”). BHG is a registered investment advisor in the
United States (particularly, registered with the State of New
York).
This Letter is for informational purposes only and is not an
offer or solicitation to buy or sell any investment product. BHG is
also not proposing any particular investment proposal, nor a
particular investment decision, nor recommending or suggesting an
investment strategy, explicitly or implicitly, concerning EchoStar
Corporation or DISH Network Corporation (each, an “Issuer”,
and together, the “Issuers”), and therefore the Letter is
not information recommending or suggesting an investment strategy
or investment recommendation.
Our research expresses our opinions, which we have based on
publicly available information, research, inferences, and
deductions through our due diligence and analytical processes.
Our research and this Letter include forward-looking statements,
estimates, projections, and opinions prepared with respect to,
among other things, certain accounting, legal, and regulatory
issues each Issuer faces and the potential impact of those issues
on its future business, financial condition and results of
operations, as well as more generally, the Issuer’s anticipated
operating performance, access to capital markets, market
conditions, assets, and liabilities. Such statements, estimates,
projections and opinions may prove to be substantially inaccurate
and are inherently subject to significant risks and uncertainties
beyond BHG’s (and its affiliates and related parties) control. No
representation is made (or warranty given) as to the accuracy,
completeness, achievability, or reasonableness of such statements
of opinion.
BHG believes all information contained within the Letter is
accurate and reliable, and has been obtained from public sources it
believes to be accurate and reliable. However, such information is
presented “as is,” without warranty of any kind, whether express or
implied. BHG and its affiliates make no representation, express or
implied, as to the accuracy, timeliness, or completeness of any
such information or regarding the results to be obtained from its
use. All expressions of opinion are subject to change without
notice, and BHG is not obligated to update or supplement this
Letter or any other letters, or any of the information, analysis,
and opinions contained in them. BHG makes no representation,
express or implied, as to the accuracy, completeness,
achievability, reasonableness, and timeliness of any such
information, or statements regarding the results to be obtained
from its use.
Readers of the Letter consent to perform their own research and
due diligence before making any investment decision with respect to
the securities covered herein. Readers of the Letter also represent
to BHG that they possess sufficient investment sophistication to
critically assess the information, analysis, and opinions in the
Letter.
Readers of the Letter agree to release BHG and its affiliates
and related parties from any and all liability for any direct or
indirect trading losses caused by acting on any information in the
Letter. Affiliated and related parties of BHG include, but are not
limited to, partners, principals, officers, directors, employees,
members, clients, investors, advisors, consultants, and agents. In
no event shall BHG or its affiliates and related persons be liable
for any claims, losses, costs, or damages of any kind, including
direct, indirect, punitive, exemplary, incidental, special, or
consequential damages, arising out of or in any way connected to
the contents of the Letter. Readers further agree that they will
not communicate the contents of the Letter to any other person
unless that person has consented to be bound by these same
terms.
BHG, based on the contents of the Letter, believes certain
securities of the Issuers are materially overvalued by the open
market compared to their true, intrinsic value; that is, in
addition to the belief that certain securities of the Issuers are
more likely than not worthless. Given those beliefs, at the time of
this Letter being publicly released, BHG, its affiliates, and/or
related persons (possibly along with or through its members,
partners, affiliates, employees, and/or consultants) hold a short
interest in securities of the Issuers, whether through direct short
sales, options, swaps, over-the-counter derivatives, or any other
derivative securities.
BHG, its affiliates and/or related persons, may take additional
positions in the Issuers (long and/or short) at a future date, and
disclaim any obligation to provide a public notification as to any
such transactions, except to the extent required by law.
For U.S. recipients: The Letter is being distributed in the U.S.
in compliance with the Investment Advisors Act of 1940. The
information in the Letter is intended solely for the use of
institutional investors, and may not be used or relied upon by any
other person for any purpose. Such information is provided for
informational purposes only and does not constitute a solicitation
to buy or an offer to sell any securities under any U.S. federal or
state securities laws, rules, or regulations. All readers of the
Letter should seek competent, independent advice (financial and/or
legal advice), prior to transacting in securities of the
Issuers.
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version on businesswire.com: https://www.businesswire.com/news/home/20240311793234/en/
Media: Public Relations and Corp. Comm. The Buxton
Helmsley Group, Inc. Tel: +1 (212) 561 - 5540, Option 4
press@buxtonhelmsley.com
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