Yahoo won't let me post the story. You should be able to find it by search, was published minutes ago on PR newswire. Several new and powerful complaints to the SEC against the Sprint deal, in particular the 800 million dollar loan and requests that several insider companies NOT be allowed to vote - Intel, Comcast and Bright House should be barred because of other agreements they have signed with Sprint.
It almost seems this whole ordeal of acquiring Clearwire was put into design by Sprint and others back in February when Google sold theirs (29.4M shares) to Credit Suisse and again Credit Suisse was responsible as an underwriter for the TWC’s 46.4M CLWR shares.
Something tells me Crest believes they don’t have the numbers to win the votes so they are now trying to deny Comcast, Intel, and BHN of their voting rights through the court. I don’t think the court will agree with Crest because (Intel, Comcast, and BHN) were in a contractual agreement to offers their shares to the remaining member (Sprint) and Sprint will have every right to exercise those votes. I also think Crest may be concerned that there are still 75.8M shares from Google and TWC that have not been accounted for given that Sprint will also have about 533M shares from the $800M convertibles.
It would have been less problematic for Sprint to use the $800M to increase their buyout offer like $2 more ($5/share) but something tells me even before the offer was made Softbank-Sprint knew that they have the numbers. So, they might as well use the $800M (with Softbank's approval) to continue funding Clearwire's LTE network build out instead of giving it to minority shareholders.
I tried to copy and paste also, but no deal. I hate the new yahoo message board format.
Sand....are you or have you been buying back in? I do not know what to make of all of this. Sold with nice profit in my personal Ameritrade account, but held most of my shares in my 401 k and sold at 2.94 after missing the 3.39 range. Been thinking about buying back in with the PPS below the offering.