Assuming a 25 per cent US Treasury take, this would suggest €4 per shares for Eutelsat (vs. €2 in our 'Sum of the Parts' calculation) and $8 (vs. €9) for SES." Kassab summarises his findings, saying: "Eutelsat main winner of the proposed formula, SES main loser." Eutelsat, in its submission, argues for a December 12th order from the FCC to free up the agreed 300 MHz of spectrum, but then to request further comments on the overall process. Kassab warns that the "value crystallisation" would be postponed by a few months if the FCC selects this route.