Crest Financial Limited, the largest Clearwire (NASDAQ: CLWR) shareholder not affiliated with Sprint Nextel (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 (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.
