Why is Crest choosing this time to push for the proxy?
Crest has thus far been frustrated in their efforts: The motion to have their lawsuit placed on a fast-tract court calendar was rejected by the judge. That pushes it out to after Softbank's acquisition of Sprint is likely to be approved. Crest then took their basic arguments in a hacked together pleading with the FCC. The report they submitted recently was well crafted but it was mis-directed by the naive notion that the FCC is much concerned about corporate structure and finance beyond the impact it has on the use of spectrum. Maybe 90% of Crest's arguments will be thrown to the side as not applicable to spectrum regulation or DOJ security matters. Moreover, Crest had asked the FCC to spin out spectrum for auction.
The time for a proxy is now more appropriate as Crest's options narrowed. Erik's testimony urged rapid approval because time is of the essence. The facts are that time is of the essence along different timelines: Clearwire is effectively bankrupt without Sprint's outside funding. Business on the WiMAX network can be expected to drop while capital and a plan to use the network by the major operator is needed to keep Clearwire solvent. Without some way to prop up finances and fund moving forward, Clearwire's stock value would drop, arguably lower than the current offers. The future value of CLWR are like any other start-up, pegged to having adequate funding and business plan. Since no new offers have come forward and DISH's must be discounted, Crest must move now to 'hold up' Sprint-Softbank for a higher take-out price.
You/Sprint/Softbank have already lost the chess game, you are simply 8 moves behind us. Had they been playing the game correctly understanding where the end was going to be and stop being so greedy, they would have set the offer price where they could quickly get the deal done. At $2.97 if they did not realize they were going to have a fight on their hands, then we surely don't want them to control this company because they are a bunch of fools.