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Re: None

Sunday, 02/26/2017 6:39:35 AM

Sunday, February 26, 2017 6:39:35 AM

Post# of 4715
The BK Plan is seriously flawed:

*49 Licenses Owned
*691 Licenses in question with the FCC
*42 / 691 Licenses should have never been cancelled and were not factored into valuation along with the 49 Licenses.

*Liquidation Valuation was utilized by Debtors when in fact it was a re-organziation they were attempting. The unsecured creditors clearly pointed this out to the court.

*Liquidation Valuation for the entire company was $4-$5M of which just $1-$2M was attributed to the 49 Licenses.

*Liquidation Valuation for the 691 Licenses(Including the 42 they ending up having possession of) was assigned a $0 valuation in the plan. Not one penny and now just 3 years later you have AT&T purchasing the rights to those licenses.

*At the time of the Debtors seeking an injunction against the FCC from re-allocating out the 691 licenses the Debtors were willing and ready to spend $8-$12M in building defense links to preserve the asset.

*I would think any decent law firm would have a field day with how this plan was developed as the unsecured creditors did. The plan appears filled with holes, fraud, and deception of the courts. It appears there are numerous grounds to contest the plan even at this point.

How do 3 licenses in question end up with the Pre-Effective Date Estates yet the 691 would all flow to the benefit of the Debtholders?

How do you put forth a liquidation value for purposes of valuation when you are planning on reorganizing and moving forward as an operating entity?

It all seems so sloppy on the part of the Debt Holders, almost on purpose. I still contend that the Debt Holders are huge holders of the common. It is a tough sell to a court that just 3 short years after you get your plan approved that assets you claimed were worthless are now worth 5-10X what your actual claim was during the formulation of the plan. Debtholders had around $132M at stake less the $33-$34M of cash they extracted leaving about $100M in claims. That was just 3+ years ago on 09/27/2013 and then the plan was confirmed on 03/31/2014.

Then Fibertower is sold to AT&T for $500M-$1B?
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