My view on what a fair settlement would be for common shares is not based on a specific dollar amount, rather I would look at it as a question of proportional ratio. The STRP deal gives some indication of the value per spectrum. Measure spectrum to spectrum amounts to establish the full value of the spectrum Fibertower wants to transfer - that becomes the 100 % value mark. The FCC can figure out that value in negotiations with Fibertower and AT&T.
Total value divided in portions - X amount percentage wise for the FCC as a public interest fee/windfall fee. The remaining value divided between Fibertower management, debt holders and common shares in proportion to the 48 million shares that were outstanding.
So whatever the grand price is determined to be established by the experts, it all gets divided by a formula. Say thirds each, minus the payment to the FCC. Common's third of the deal is divided by 48 million and each shareholder receives that based on the number of shares each held. That would settle legal issues and allow the deal to close.
If payment is in AT&T equivalent shares - OK. My concern is not some guessed dollar figure, rather I want to see it made equitable and fair. No showmanship or gaming the system, just a fiduciary and reasonable settlement, or it may have to go to a civil court for an injunction and later trial. It should not be necessary to kill the rabbit when we all know the fat lady is pregnant. This Opera has gone on long enough.
AI
