you should not invest in stocks. sprint going bk? are you insane? softbank just bought 2.5 billions of sprint stock and the guy would walk away and let sprint go bk? The only way sb will walk away is someone else offers to buy sprint at a higher price but also have to buy the shares that sb just bought from sprint.
If CLWR is put into a bk it hurts S the most. Any delay in getting the deal done hurts S more than anyone else by putting S farther behind T&VZ.
The S bid valued CLWR at bk prices. Ergen knows a BK would end up putting the spectrum on the open market, up for bid. That would at least double the $0.09 per pop price that CLWR carries the value of the spectrum on its books. Even doubling that number is a very low price for spectrum. IMO, its no coincidence the S bid comes in right at that value.
Ergen's move raises Sprint's low ball bid and forces S to negotiate with DISH or come up with more money for CLWR; it also ferrets out other bidders; or could put CLWR into BK that would end up parting out CLWR; all of which are bad outcomes for S.