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Clearwire Corporation (CLWRD) Message Board

  • bjspokanimal bjspokanimal Oct 22, 2012 1:13 PM Flag

    Hesse Has Made A Career of Lowering Clearwire Expectations

     

    He did it ahead of each of his clearwire contract negotiations over the past few years.

    He did it with the Lightsquared gambit.

    Now He's doing it ahead of next summer's tender offer for 100% of clearwire's shares.

    Will everybody who thinks Softbank's Mr. Son wants to spend the next 3 years dickering with clearwire's board, please stand up.

    Will everybody who thinks clearwire's spectrum was just a "sidebar" instead of an integral part of the "main event" of the sprint acquisition, please stand up.

    Will everybody who thinks Craig McCaw demanded a "make whole" agreement as part of his sale of shares to sprint because he agrees with Hesse when Hesse says "we have all that we need with the current clearwire arrangement"... please stand up.

    Well, if you find yourself standing right now, then you're a BLIND IDIOT who wouldn't recognize his nose if it wasn't attached to his face.

    Clearwire's "book value" may be a bit higher than today's stock price indicates... but when you "mark-to-market" the value of clearwire's spectrum from it's $4.1 billion book value to the $9 to $18 billion that it's actually worth... it's EASY to see why Intel and Comcast spurned Hesse's overatures to buy their stock and why McCaw required the "make whole" agreement...

    ... because they all know just how obsessed Mr. Son is with ruling the U.S. wireless data market and just what he needs to accomplish it... and that ISN'T sprints scrawny little 5x5 FD-LTE thread-sized pipe.

    Spokanimal

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    • Sorry Spok, but I just can’t get passed the fact that Son invested 70% stake in Sprint which he didn’t have to. Son could have invested a 53% stake which is still a majority ownership and bought the rest of Clearwire including its debt at $7.30/share and still have enough cash left for Sprint like a $5B injection to its balance sheet. This tells me Sprint was Softbank’s main investment because Son wanted a super-majority and Clearwire was only a secondary. I would like to hear a counter-argument to this particular point.

      • 1 Reply to sunnybeach73
      • 1. Buy Sprint you get 1/2 of CLWR. It's a buy-one-get-one-half-off. Sort of a BOGOHO.

        2. Buying CLWR first would cause both CLWR and Sprint shares to go up, making both more expensive. Instead, CLWR's price dropped when people got confused by the convoluted details of the deal and so did Sprint's. (Hesse is good at that part too.)

        3. Buying Sprint first allows for selling some Sprint spectrum to help pay for the CLWR deal. T&VZ complaints can be appeased with a sale of spectrum SB doesn't want like the Nextel stuff. (Stuff is a very technical term...)

    • best thing that can happen is a competing bid from T or VZ for CLWR. Then Hesse will have to pony up for the CLWR spectrum that SB covets so much.... would make my day to see Hesse have to top a T or VZ bid for the spectrum he thinks he can deliver to SB for free.....you have to like Son's idea for a "super Data service" like he has in Japan, that could really take off in the USA at the right price, especially if the voice portion could be handled with VOIP as part of the data..... Hesse is so full of himself, he should hire TR to help pimp the company, two big blow-hards bashing the value of CLWR at every opportunity, two frickin' LOSERS is more like it!

    • You are adamant about Clearwire's perspective... which is that of an under-performing asset and debt burden for whoever takes responsibility until such time as they put the spectrum into more productive use.

      Sprint contributed the most useful chunk of spectrum, founding capital and the only viable use of the network to date, which was as an overlay to 3G mobile networks. The history of Clearwire shows clearly that Sprint might have been well off just building their own overlay network... one that was not burdened with the cross-purpose of trying to shove a chock full of holes Swiss Cheese only diet on the 0.2% of consumers who bought the service and then put up with the sub-par customer service. (not blaming the individual who work in CS.. its not their fault the service quality, contracts, etc. otherwise stink to rate low in consumer satisfaction reports).

      Clearwire is in poor position to negotiate terms of their surrender.

      They are the little mouse that must be of good service to their owners and users. Is Hesse/Sprint and Son/Softbank going to continue to push Clearwire over the barrel? You better believe it. But make no mistake.. this is a barrel of Clearwire's making: build brain dead networks, push a direct market approach that was not competitive and failed miserably to take off, consuming capital with far too little returns. They pucked up. Don't blame Hesse or SON.. they are in business to make money, not burn it unnecessarily. Will they go to extremes to do so? I sure hope so because that is what it takes to win. However, they own a large portion of CLWR and have mutual interests. They are doing what makes sense for them and for Clearwire so long as the company does their part well.

    • c.wire@ymail.com c.wire Oct 22, 2012 5:50 PM Flag

      Well said bjspokanimal. What you summarized is what I have been seeing as well. Hesse is not bluffing too well at the moment (although he can play the media folks fairly well) and I think the market is starting to see this.

      1. First he says... Softbank deal is not contingent on any deal with Clearwire. - 2 days later deal struck with ERH which was originally scheduled to be completed October 13th prior to their announcement.

      2. Now he says... we do not have control of Clearwire and we do not want to consolidate it.... but you know, if any of those strategic partners want to sell, then we would be interested.

      3. Son's comments about being a "speed junkie" or whatever... It's his ENTIRE vision with Sprint. He obviously is salavating at the idea of combining Sprint's platform and customer base with 120 mhz of spectrum in most markets across the US using CLWR spectrum...

      It will be interesting to see what happens with Intel and Comcast over the next few weeks. I am looking forward to the cc as well on Thursday.

      • 2 Replies to c.wire
      • and Hesse's actions are buying CLWR. IMO, he's being directed to do so, too.

      • Being a speed junkie is no more the entire vision of the investment into Sprint as it is the entire vision of what made Softbank a success. Do your reading about what has contributed to SB's growth: BB was an undeniable part of what led to their success. However, they achieved the bandwidth through 'innovation in the network' ahead of their much larger competitors... not by building brain-dead top-down driven network architectures and sales strategies. Stanton and the new management team have been hard at work trying to correct for past mistakes.. on the shoe-string budget and junk-bond debt they have been saddled with. The innovation on the marketing side of the equation are commendable but are unable to jump-start the company without outside infusion of capital and market momentum that Sprint-Softbank bring to the the table.

        There is a failure to admit that Clearwire had lost it years ago and never change until the bank vault was empty. Now they are not in a position to demand anything other than fair returns for services delivered.

        If you are pleading for Sprint and Softbank to treat Clearwire much differently, good luck.. hope you have fun at the "old year celebration" in which the crystal ball rises into the sky... on Bizarro World where down is up and debt and raw spectrum earns rather than consumes money.

        Of course SB-Sprint will use Clearwire more ... everyone with one iota of sense shold know that. However, they will very likely continue to treat Clearwire like it is a low level BB utility that needs to learn how to live within their budgets and deliver useful networks and services at ever decreasing price per bit. This is a skunk-works operation.

    • ... and I agree given softbank's references to it.