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Stock Market & Financial Investment News

News Breaks
April 8, 2013
18:26 EDTCLWR, SFCC commissioner's report refutes Sprint study on value of Clearwire
A new study by Harold Furchtgott-Roth, a former commissioner of the FCC, disputes the conclusions of a study commissioned by Sprint Nextel (S) and a separate institutional equity research report published by DA Davidson about the value of Clearwire (CLWR). Furchtgott-Roth said that the Sprint study authored by Dr. Kostas Liopiros -- "Value and Utility of the U.S. 2.5 Ghz Spectrum Band" -- is "unreliable." He said it misstates the value of Sprint's offer for Clearwire and is inconsistent with the public representations of Clearwire officers and the publicly reported financial statements of Clearwire. The Furchtgott-Roth report was funded by Crest Financial Limited, the largest minority shareholder of Clearwire, and was filed by Crest with the FCC and the SEC. According to Furchtgott-Roth: "Throughout the Liopiros Report are statements that implicitly call into question the integrity and reliability of the financial statements of Clearwire. The Liopiros Report states that the value of higher frequency spectrum is less than lower frequency spectrum; the Clearwire financial statements make no such adjustments. The Liopiros Report states that EBS spectrum is worth substantially less than BRS spectrum; the Clearwire financial statements do not treat its EBS and BRS spectrum differently. The Liopiros Report states that unpaired spectrum is worth substantially less than paired spectrum; the Clearwire financial reports make no such distinction or adjustment in value. An analysis of the Clearwire financial statements reveals a value of the Sprint offer of $2.97 per share corresponds to a value of 11c per Mhz pop. The Liopiros Report states the value is 21c per Mhz pop." Furchtgott-Roth further said that the DA Davidson report -- Institutional Equity Research, "Clearwire Corp.," dated April 1, 2013 - repeats the mistaken valuation of the Sprint offer and makes the error of valuing the Sprint offer at 21c or even 22c per Mhz pop, primarily by not excluding the value of other assets. Furchtgott-Roth said that the DA Davidson report "seems to take a rather unsubstantiated and dim view of the accuracy of Clearwire's financial records and any report based upon them."
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