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Dish Network Corp. Message Board

  • teamrep teamrep Jun 20, 2013 1:54 AM Flag

    DISH's attempt to acquire either Clearwire or Sprint are dead...

    Ergen will lose the lawsuit brought by Sprint against the conditional tender offer for Clearwire unless he can counter the allegations to show his offer carries no such changes to the governance of Clearwire or preemptive rights or coercive debt instruments. If that is the case and DISH goes ahead to acquire ~25% of of CLWR, then he will not come away with what DISH really needs - a mobile operator as a deployment and network operations partner.

    I think the odds are more than 85% that DISH's attempts to do a quick buy-in into the mobile space are dead. If Ergen bullheadedly insists on pursuing Clearwire, there will be a growing chance he will make DISH liable for extended costs to Sprint, including opportunity costs for their legitimate deal to move forward in a timely manner. That arguably can amount into the billions of dollars.

    Ergen has gone at Clearwire in particular similar to 1960's corporate raider, a practice that had been mostly outlawed and thus has become rare since. Ergen's attempt to resurrect the strategies are likely to have backfired imo.

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    • shareholders still have to vote. Ergen on the clock.

    • TR, you have been wrong with almost all your pontificating predictions regarding S/CLWR/DISH/SB. Ergen has hired one of the best corporate governance law firms in the country. It's same firm Crest hired...
      Crest also announced that an experienced team of trial lawyers from Quinn Emanuel Urquhart & Sullivan LLP, the largest U.S. law firm devoted solely to business litigation, will prosecute Crest's claims against Sprint and Clearwire in Delaware's Chancery Court. John B. Quinn, founder and managing partner of Quinn Emanuel, will personally lead the trial team. Quinn Emanuel litigates many of the biggest and most noteworthy business cases in the U.S., with a 90 percent winning record.

      "As the controlling stockholders of Clearwire, Sprint owes fiduciary duties—duties of loyalty and trust—which require it to protect the interests of the company's minority stockholders," John Quinn said. "But instead of acting consistent with those duties, Sprint is thumbing its nose at the other stockholders and seeking to force a sale of Clearwire at a grossly inadequate price. Clearwire directors are doing Sprint's bidding."

      Quinn, the lead trial lawyer for Crest, added: "We expect that litigation will result in a very substantial appraisal award or damage remedy to redress the breaches of fiduciary duty by both Sprint and the Clearwire directors."

      Crest opposes the Sprint-Clearwire merger because it believes that the Sprint offer of $2.97 in cash per Clearwire share is grossly inadequate, that the merger was structured in a way that unfairly disadvantages minority stockholders, and that Clearwire would be better off if it remained a stand-alone company.

      TR, you've lost all creditability on the CLWR message board, so now you're on DISH's board pushing your bearish/short agenda. Recall, you said CLWR would bk. Then you said it would never go above the $2.97 offer. When it went to $3.30 you said that was the highest it would go... Ergen's a winner, you are not.

 
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