Troubled 4G wireless provider Clearwire
The latest gloomy development is that search giant Google
Big G is planning on selling its 29.4 million shares for the bargain price of $1.60 to other Clearwire investors, a substantial discount to yesterday's closing price $2.27, and then offer the shares to the broader market if needed.
There's no word on whether some of Clearwire's other big investors will follow suit, which includes bigwigs like Intel
Intel says it won't increase its stake, which includes Class A and B shares, and the chip king has already written down the value of its 65.6 million B shares to zilch, while it's still hanging on to 28.4 million A shares. At the end of last year, Comcast was sitting on 88.5 million B shares, while Time Warner Cable was the proud owner of 46.4 million of them.
As much as Sprint had hoped to get cozy with LightSquared for its 4G LTE needs, the FCC made short work of that last week. Like it or not, Sprint, it looks like you're stuck in a loveless marriage with Clearwire, while Google is free to galavant about, although it does have hopes of settling down with Motorola Mobility someday soon.
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Fool contributor Evan Niu holds no position in any company mentioned. Check out his holdings and a short bio. The Motley Fool owns shares of Intel and Google. Motley Fool newsletter services have recommended buying shares of Google and Intel. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.