Sprint is a large shareholder in Clearwire, so it will also be their loss if Clearwire was to go BK. If I remember from the last time Clearwire said they would miss the payment, the actual default doesn't go into effect right away. It actually would make sense to put it off as lone as possible.
Really what everyone is missing it the simplest solution.
Sprint owns half of clwr. Sprint needs the spectrum. Sprint doesnt want to get sued by shareholders or have a default situation.
Sprint will, very soon, have every reason to want to have clwr be a separate company (because FCC ruling will make that best for everybody,) they will want the stock to trade freely (so they don't get sued and so the half they own becomes valuable) and they will want to complete the buildout on the fastest network possible.
Clwr is almost certainly the company that will be handling the massive data loads from the google glasses, and google is figuring out how to make those work.
Sprint's bid was an attempt to halt price appreciation. Why did they do that? They did that because they are in the middle of deal with a lot of moving parts, the softbank deal, and if the price of clwr shoots through the roof, softbank cant afford to get that deal done as sprint shareholders won't approve it. That is the reason clwr is trading sideways, at least as sideways as they can make it. That is why they had to get 50+1% of the business also, so noone else get steal or wreck the Softbank transaction.
Now, if it turns out that they wiin the proxy? Well the wouldn't mind stealing the company, but they know that isn't going to happen, nor was it ever the plan.
The way I understand it CLWR cannot go BK. They own upwards of $30 billion dollars worth of 'spectrum'. What is happening is some shady dealing with S and the B of D's of CLWR. Just you watch though, we the little kids on the block will come out on the very short end. Upper mgt and B of D's will smell like the rarest orchids.