any sale will set a price. They want to claim it is only worth 11 cents per mhz pop for now, but after the merger sell it, or secure financing, at closer to 50 cents per mhz pop. So if they sell some now for 20 cents per mhz pop, it will make it much more difficult to have it both ways.
Clearwire won't sell any spectrum. Sprint's "cash-out, stock-option" scheme essentially amounted to buying the support of clearwire's brass and they're not going to jeopardize getting their loot.
Normally, a lawsuit over fiduciary duties is tough to win... but in this case, clearwire's actions have been blatant in that regard and Crest's lawsuit has pretty sturdy legs.
I completely agree with you that Clearwire's BOD has done what's in the best interest of the company. Sprint is the majority shareholder and the hand that feeds them. (And there's no doubt in my mind that I'm the only one concerned with my cashing-out.)
It might not be apparent from my posts, but I have about equal investments in CLWR and S. I believe the merger will go through one way or another and the combined New Sprint will have the means to become very successful.
However, I think Sprint is trying to get Clearwire well below market value through coercive methods. I can't blame them for trying, but in the end I think Clearwire shareholder's could see around $6 per share.
If true, they all should lose their job and not sit on any other BOD. They have ONE primary job among many activities, maximize shareholder value. That is how the system is too work, EVERYONE answers to someone in a corporation, including the BOD which has a first fiduciary too the shareholder followed by other stakeholders. If they don't like that, they need to take the company private and can do whatever they like with it, otherwise their function is spelled out clearly.
Any spectrum sale would also eliminate the need for Sprint's coercive financing. It will be interesting to see if Clearwire takes another installment from Sprint with better financing offers on the table.
If this were only as simple as Clearwire deciding they wanted to sell some spectrum. This has been hashed over repeatedly: CW does not 'own' much of the spectrum, only leases to use it that are under the licenses of EBS holders. Clearwire has tried to 'sell' their spectrum in the past but has received no offers close to the theoretical value suggested by the Crest commissioned report. "Surrounding property values vary depending on how the land has been developed". The report gives fair arguments that the value placed by Sprint and Clearwire's own advisers may have been interpreted to short-change current owners of the company. However, Crest, DISH, nor anyone else has actually made an offer near the suggested price level.
The combination of factors discussed in other posts lead to a 'climate' that looks reasonably favorable to see Sprint-Softbank raise their price. Thus far, the sale of spectrum for a high price looks dubious. DISH wants to pay only about 1.3c more for their selection of choice plots of spectrum real estate. Crest has offered an unsolicited loan to keep Clearwire out of the clutches of SB-S for a few months. Nobody is visibly offering to buy spectrum on terms that changes the current parlay between common stock card holders and the calling of the cards by Softbank-Sprint.
Bottom line: Hold 'em until called with a higher bid.