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Clearwire Corporation (CLWRD) Message Board

  • rolfledolf rolfledolf Apr 23, 2013 5:50 PM Flag

    Crest letter to CLWR

    A powerful blow has been struck in behalf of CLWR minority longs with the letter that was sent from Crest's general counsel to the CLWR board. Here is an excerpt in which some pertinent questions were asked. CLWR's BOD has been warned, and these questions will be answered on way or another.

    "...we are left wondering how a Company with such a vast, valuable spectrum
    resource can have a Board and management so determined to give it all away to Sprint. We
    expect more from our Board, and more is required. Accordingly, we ask some straightforward
     Why did you abandon the multi-customer strategy advanced by your own financial
    advisers in favor of an exclusive arrangement with Sprint? Did Sprint interfere with the
    implementation of this strategy?
     Why did you, under the 2008 Equity Holders Agreement, allow Sprint to acquire
    majority control through its purchase of shares from Eagle River Holdings?
     Why did you agree to the coercive, restrictive Note Purchase Agreement with non-market
     Why are you now allowing Sprint, through the Merger Agreement and Note Purchase
    Agreement, to limit your exercise of fiduciary duties, and specifically your ability to
    entertain debt financing offers from Crest and Aurelius?
     Why are you not pursuing alternatives, such as the offers from DISH and Verizon, other
    than those dictated by Sprint?
     Why do you allow the Company to persist in using insolvency and missed interest
    payments as pretext while ignoring debt financing offers from Crest and Aurelius?
     If Clearwire is truly as financially troubled as you and Sprint would have the market
    believe, why have you fought so hard to protect the Sprint-Clearwire transaction?"

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