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Leap Wireless International, In Message Board

  • indianabraden indianabraden Jul 12, 2013 8:47 PM Flag

    From the 10Q

     

    The asset BOUGHT at 204M is part of the balance sheet and is INCLUDED in the $15/share. Any PROCEEDS given to shareholders of LEAP stock has NOTHING TO DO W the 204M. That became part of the balance sheet which was BOUGHT as part of the $15 -/share. In other words, the guys on this board who are dividing 204M by nearly 80M shares and coming up with $2.50 /share are ABSOLUTELY WRONG. Potential proceeds from that transaction are unclear and have NOTHING TO DO WITh THE 204M purchase price. Major mistake. What those proceeds are is disputable and it is clear that the agreed price is $15/share of common stock. It's also clear that there was corruption in the market's option play on this and it will be scrutinized. If this gets through the regulatory body, the deal closes 6-9 months from now. retail longs will be selling at $15 on Monday and there's a potential for deterioration of that price if there are any serious regulatory road bumps. There are no other offers. Anti-trust kept them from acquiring T-Mobile. There's a chance to sell shares or cover shares at $15 and below on this. Not many (less than 4M shares sold on this news in AH against an 80M share float) were buying the sell in AH.
    " On November 3, 2011, the Company entered into license purchase agreements to acquire 12 MHz of 700 MHz A block spectrum in Chicago from Verizon Wireless for $204 million and to sell excess PCS and AWS spectrum in various markets across the U.S. to Verizon Wireless for $188 million. The closing of both transactions is subject to customary closing conditions, including the consent of the FCC. The Company currently anticipates that both transactions will close simultaneously. The wireless licenses to be sold by the Company to Verizon Wireless have been classified as assets held for sale at their carrying value of $119.0 million and $119.1 million in the condensed consolidated balance sheets as of June 30, 2012 and December 31, 2011, respectively."

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    • This is from the merger agreement:

      "...pursuant to which the parties agreed that, upon the terms and subject to the conditions set forth in the Merger Agreement, AT&T will acquire Leap in a transaction in which Leap stockholders would receive $15.00 in cash for each outstanding share of Leap’s common stock, plus one non-transferable contingent value right (“CVR”) per share (together, the “Merger Consideration”). The CVR will entitle each Leap stockholder to a pro rata share of the net proceeds of the future sale of the license granted to Leap by the FCC having the call sign WQJQ707 (the “License”)."

    • Great job Indianabraden! Hope it opens on Monday PM at $14.50. I have shorted 14k shares at $16.20. Wish me luck too.

 
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