Mr. Monroe does have a lot to do. However, the issue with Fibertower is interesting. Looking at the last post in this thread, the Debtors are using an artificially low valuation partly precipitated by their own, perhaps willing underfunding, of the business during better times. The FCC criticized Fibertower for not funding its business properly, and thereby began proceedings to reclaim the licenses. The FCC may be right. This would not be the first time corporate management willingly took a firm into bankruptcy in order to enrich themselves with new equity in the new enterprise (especially if there were issues with the old business anyway, which there were). The bankruptcy process seeks to preserve the value of the going concern for obvious reasons, hence it is natural that the judge would issue a stay on the FCC. Without the licenses, there is no business other than the existing services (which suffered badly for its own reasons). What is needed is an outside valuation by a third party. Sometimes the note holders and pre-existing corporate management can work together, rather than at cross purposes, to maintain a low value, obtain complete control of the firm, and then move on to a post bankruptcy strategy which could easily have been presented in court but was not, because such presentation might result in a loss of control. What Fibertower needs is either a court appointed examiner to value the business or equity shareholders to sue for a valuation and, based upon that, an equity committee, especially assuming the licenses stay with Fibertower. The FCC can take back their licenses, if they have grounds. Managerial incompetence or malfeasance could be those grounds, but currently they would have to be proven to the judge. Replacing management would have to be done in conjunction with the noteholders who might already be friendly to existing management or potentially new management. I would appreciate comments from others, thanks
