BHG issues letter to senators related to apparent EchoStar accounting fraud

The Buxton Helmsley Group, the New York City-based investment fund manager with financial interests in EchoStar Corporation (SATS), issued an open letter to U.S. Senators Elizabeth Warren and Sheldon Whitehouse, after EchoStar’s filing of a Form 10-K with the U.S. SEC on February 29, 2024, 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 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 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 (MNK).