Clearwire Investor Wants Spectrum Sale Back on the Table
May 25, 2011, 12:39 PM by Eric M. Zeman
Pardus Capital Management, a firm that has invested in Clearwire, has sent a letter to interim Chief Executive Officer John Stanton asking that he reconsider his position on selling some of Clearwire's spectrum. Earlier this month, Stanton ruled out a spectrum sale as a way to increase capital. Pardus argues that the move is keeping Clearwire's stock artificially low ahead of a suspected Sprint buyout of Clearwire. Pardus believes that if Clearwire were to sell spectrum and raise capital, its stock price and overall value would also go up, meaning it could sell for a higher amount. Clearwire has been plagued by money problems, despite Sprint's recent commitment to give Clearwire $1 billion, and continues to seek out additional sources of funding. Clearwire acknowledged the receipt of Pardus' letter, but wouldn't offer comment on the matter.
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