Do we need to mobilize small shareholders to add pressure against this deal?
Although Crest financial retains 8% of outstanding voting shares, I read that we need half of 25% to effectively block this offer. Is this a shoe in or do we need to actively mobilize the remaining shareholders in order to call this blatant bluff?
All you need is about 12% to be owned by arbs, who will most certainly vote yes (as I will). Not a high hurdle. That is why they are suing to have the strategic investors classified as insiders or whatever it is. A ridiculous lawsuit IMHO. Maybe they will sue the arbs as inside investors next, followed then by anyone who intends to vote yes.
I don't think they would be suing to reclassify investors who support the deal if they had enough natural votes to block the deal. In this country, when you can't win a fight on the merits, or have enough votes to support your position, candidate, whatever, simply fire up the lawyers and try to move the goalposts.
... and their collective positions are equal to those of said strategic investors.
Crest's survey of other investors revealed strong support against the deal. In that survey, I offered to help contact shareholders but they didn't contact me again.
One important aspect of the class action is the rosy guidance clearwire management provided in the quarters leading up to their eventual capitulation to sprint's ridiculous offer. Clearwire guidance and optimism ahead of that capitulation will be gone over with a fine-tooth comb to determine the extent to which investors were deceived in the years leading up to a bid that so severely under-values clearwire's net assets.
Actually, Spok if you could put together a summary of what has happened / transpired these past years along with weblinks from this board and other relavant articles (showing spectrum value, lte potential etc.) juxtaposed against the clwr BOD + mccaw's fraudulent actions, and send it to Crest it might be extremely helpful to them and us (as a consequence). This is necessary since their lawyers may not be that technically well versed and may miss a few crucial points. Thanks. GL.