"Many bondholders with whom I have spoken feel very secure that the value of Clearwire’s spectrum is so high that they will receive full payment on their bonds and that there will still be money left over for shareholders to receive a reasonable payment as well if the spectrum is sold off."
"Some commenters on that article incorrectly thought that stale records at the FCC indicated that Sprint still had some claim to that bandwidth. It does not. Those frequency licenses were transferred to Clearwire by Sprint in their deal a couple of years ago so Sprint will be out in the cold when the spectrum becomes the collateral."
Now, the marketcap on clwr is $367M (according to yahoo) at the current share price at $1.5 means the number of common outstanding shares are 367/1.5 = 245 million shares (includes sprint's 54% equity). So, if clear misses its Dec 1st interest payment means they plan on filing BK. Therefore if the BK auction is held after the 30 day grace period then the spectrum will be sold off for $20B (http://stocks.investopedia.com/stock-ana... or more. The bondholders will get their $4B debt back, and the remaining $16B will be distributed among the 245M shares i.e. $16B / 245M = $65.3 PPS. This is possible because of true "price discovery" in the open auction marketplace. So, market speculation may drive up the share price of CLWR to $65 between Dec 1 -31 if they miss their payment. Q.E.D.