Crest Financial Limited, the largest Clearwire (UNKNOWN:CLWR.DL) shareholder not affiliated with Sprint Nextel (NYSE:S), has proposed in a letter to Clearwire's board a financing arrangement "superior to the financing provided by Sprint Nextel Corporation," one that would allow the company to explore merger options other than Sprint's offer, according to a Crest announcement.

Crest would like Clearwire instead to consider selling its excess spectrum to DISH Network (NASDAQ:DISH) rather than give it up to Sprint for what Crest feels is less than what that spectrum is worth.

Crest's offer of $240 million in convertible debt, along with the $160 million in financing Clearwire has already received from Sprint, would give Clearwire enough capital to complete its planned build-out of 2,000 LTE sites plus an additional 2,133 LTE sites for its network, according to Crest.

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