HOUSTON, May 20, 2013 /PRNewswire-USNewswire/
-- Crest Financial Limited, the largest of the independent
minority stockholders of Clearwire Corporation (NASDAQ: CLWR), sent
separate letters today to Clearwire stockholders and John W. Stanton, Chairman of the Clearwire
Board, emphasizing that the contest for control of Sprint should be
resolved before any definitive action on Clearwire. The focus
of the stockholders' attention should not be on what happens at the
Clearwire special meeting on May 21
but rather on what will ultimately happen with the contest for
Sprint in June.
In its letter to Clearwire stockholders, Crest stated that
"Clearwire should not be locked up before the battle for control of
Sprint is resolved. Clearwire is the key reason for the push
by DISH and SoftBank to acquire control of Sprint. Letting
Sprint gobble up Clearwire now would only transfer Clearwire's
value to Sprint. Conversely, keeping Clearwire in play while
the contest for Sprint is pending drives both bidders for Sprint to
focus on Clearwire. So long as Clearwire is not locked up,
the winner of Sprint is not guaranteed Clearwire and the loser of
Sprint is not precluded from making a play for Clearwire. In
addition, a third player, like Verizon, could enter the contest for
Clearwire."
Crest continued: "The key is to preserve Clearwire as a
freestanding company before the Sprint contest is settled, and then
the real battle for Clearwire begins. Regardless whatever the
Clearwire Board has done up to now, it needs to recognize this
current dynamic and not compound error upon mistake by letting
Sprint lock up Clearwire, at any price, prior to the determination
of who will own Sprint."
According to David Schumacher,
General Counsel of Crest, "Clearwire is the crown jewel, and Sprint
is only the intermediary. There is no reason to let Sprint
lock up Clearwire before Sprint's ownership is settled. The
stockholders and Board of Clearwire should reject all offers from
Sprint until the contest for Sprint is decided. Then the
competition for Clearwire can begin in earnest between the winner
or loser of Sprint, or another third party."
In his separate letter to Clearwire Chairman Stanton, Mr.
Schumacher urged the Clearwire Board not to accept any revised
Sprint offer, not to postpone or adjourn Tuesday's stockholder
meeting, and not to consider any future offer for Clearwire that
does not include adequate protections for minority
stockholders. Mr. Schumacher stated: "Any attempt by Sprint
to postpone or adjourn the vote or revise the deal will afford the
Clearwire Board the opportunity to stop and start over, and use
this time to pursue a competitive process that can protect minority
stockholders and unlock the true value of Clearwire."
D.F. King & Co, Inc. has been
retained by Crest to assist it in the solicitation of proxies in
opposition to the merger. If stockholder have any questions or need
assistance in voting the GOLD proxy card, please call D.F. King & Co. at (800) 949-2583. The full
letter can be found at http://www.dfking.com/clwr or
http://www.bancroftpllc.com/crest.
About Crest Financial Limited
Crest Financial Limited
("Crest") is a limited partnership under the laws of the
State of Texas. Its principal
business is investing in securities.
Important Legal Information
In connection with the
proposed merger of Clearwire Corporation ("Clearwire") with Sprint
Nextel Corporation (the "Proposed Sprint Merger"), Crest and other
persons (the "Participants") have filed a definitive proxy
statement with the U.S. Securities and Exchange Commission ("SEC").
The definitive proxy statement has been mailed to the stockholders
of Clearwire. SECURITYHOLDERS OF CLEARWIRE ARE URGED TO READ THE
DEFINITIVE PROXY STATEMENT, WHICH IS AVAILABLE NOW, AND THE
PARTICIPANTS' OTHER PROXY MATERIALS FILED WITH THE SEC WHEN THEY
BECOME AVAILABLE, BECAUSE THEY CONTAIN IMPORTANT INFORMATION,
INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS,
CLEARWIRE AND THE PROPOSED SPRINT MERGER. The definitive proxy
statement and all other proxy materials filed with the SEC are
available at no charge on the SEC's website at
http://www.sec.gov. In addition, the definitive proxy
statement is also available at no charge on the website of the
Participants' proxy solicitor at http://www.dfking.com/clwr.
Forward-looking Statements
Certain statements
contained herein are forward-looking statements including, but not
limited to, statements that are predications of or indicate future
events, trends, plans or objectives. Undue reliance should not
be placed on such statements because, by their nature, they are
subject to known and unknown risks and
uncertainties. Forward-looking statements are not guarantees
of future activities and are subject to many risks and
uncertainties. Due to such risks and uncertainties, actual
events may differ materially from those reflected or contemplated
in such forward-looking statements. Forward-looking statements
can be identified by the use of the future tense or other
forward-looking words such as "believe," "expect," "anticipate,"
"intend," "plan," "should," "may," "will," believes," "continue,"
"strategy," "position" or the negative of those terms or other
variations of them or by comparable terminology.
SOURCE Crest Financial Limited