For years, EchoStar has remained steadfast in its belief that it could build a wireless business to capitalize on the value of its wireless licenses. No real signs of success emerged, and the firm's finances were left in tatters. However, the decision to sell its spectrum licenses to AT&T and SpaceX immediately realizes value for shareholders, dramatically reduces balance sheet risk, and opens a new chapter in EchoStar's development. Capital allocation is now the biggest issue facing shareholders, and EchoStar's track record is not strong.