Fibertower Corp fka FBBT

[wirelessman77]

Thanks Condoe3.
Was just about to post after doing some reading. Could one make the argument similar to the Unsecured Creditors that the Plan was seriously flawed based on the fact that they quickly said the 3 licenses which had some value yet were immaterial are part of the "Pre-Effective Date Estates" yet the 691 Licenses to which they assigned zero value to in the plan?

It seems to me that the Debtors and AT&T want as smooth a transaction as possible yet if this were put before the court it appears that the Debtors actions were borderline fraudulent in assigning zero value to the 691 just a few years back and now they are worth hundreds of millions? In the unsecured creditors document contesting the plan they stated that the debtors had spent $1M in legal fees at that time trying to get the licenses back from the FCC. Also you have many conflicts of interest with Thomas Scott doing a valuation analysis. He was part of the crew that didn't spend the capital to keep the licenses.

We all agree this stinks to high heaven but as I and others have stated you most likely have some significant shareholders out there waiting in the wings along with the unsecured creditors who's attorneys have to be licking their chops at this point.

On one hand you are telling us the licenses aren't worth anything and you are quick to give up the 3 to the pre-effective date estates but yet a few short years later those very same licenses you say are worthless are fetching $500M+.

So you have a few scenarios:
1 - The Debtholders construct a deal where the common are completely shut out which will no doubt lead to a fight and contest the BK plan. Not something AT&T or the FCC wants.
2 - The transaction goes off and the common receive their just portion of the proceeds which is significant upside.
3 - The Debtholders and AT&T construct a deal that essentially pays off the common to go away. This would be in their best interest as the Debtholders get paid, Debtholders don't get exposed, AT&T gets spectrum quickly, and FCC gets the spectrum in the right well funded hands.