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CFO said it in a Q & A. Again none of us believe the $207M and they have to issue an SEC Filing on this. There is more to it.
Where is the SEC Filing?
*AT&T essentially bought Fibertower from a questionable Hedge Fund.
*A Hedge Fund who stole Fibertower in a questionable and some would say fraudulent bankruptcy process.
*Why would this Hedge Fund simply give away Fibertower's spectrum to AT&T for $207M which is ten cents on the dollar on a mhz pops basis compared to the Straightpath transaction
*The $207M makes zero sense considering the Hedge Fund had AT&T and The FCC over a barrel and could have kept this spectrum in the court room until 2019/2020 and out of AT&T's hands.
*The February 2017 Press Release tucked into a statement about Airgig is a flag.
*The murky January 2018 Settlement Agreement between AT&T, The FCC, and Fibertower is a flag.
*The February 2018 Press Release with no details other than $207M is a flag.
*So what exactly is AT&T and The FCC hiding in this transaction?
*When will and SEC Filing be coming out on this deal from AT&T?
*The lack of an SEC Filing to this point is a flag.
Where is AT&T's SEC filing?
Correct. There is no possible way given when 39ghz was approved for mobile broadband that those 2 hedge players would have let this go for $207M and then to have the $3.1B STRP overlap on top of it? They would have paid whatever penalties to get out of the deal and let it ride. There is something more to this between ATT, FCC, and FTWR but they needed to get that final decree done in order to proceed.
Can anyone here besides limpy Helloyah make an argument to the Hedge Funds settling for $207M?
Sure thing limpy. Keep waiting for your $30 per share.
Sure but I am the dick that can get upright and fire off solid shots. You on the other hand never got out of the pool and lay there limp and shriveled. Better to be a valuable dick than a useless dick. Have a good evening helloyah.
As posted on Pacer:
Full docket text for document 36:
Request for transcript regarding a hearing held on 4/10/2018. The requested turn-around time is 7-day expedited (Rueter, Karyn)
You need to read Helloyah and do a little homework. Do you still wear a bib?
We know you are too cheap and stupid to get an attorney but are you so cheap as to not want to pay the dime per page from Pacer? You know they don't charge you if you don't go over 150 pages in a month.
This is probably too much for you to handle so I apologize.
Sandpaints, The Final Decree was approved and posted on Pacer.
I think your and my best bet is that this case is so corrupt and squirrelley that AT&T and the FCC possibly ensured all parties got resolved to a certain extent and call it a day. Wirelessman clearly posted the cash position of Fibertower when they said they didn't have the funds to pump out the $10-$12M build of links to nowhere to satisfy the FCC. Thomas Scott also stated they thought the renewal was a sure thing from the FCC until the bottom of the ninth. Ever wonder who influenced the FCC to reject Fibertower's renewals? Funny that the $106M figure on the BK schedules was just made up by FTWR and never signed off on. In fact someone wouldn't sign off on it. That transcript Codesilver posted pretty much confirmed what wirelessman and others have been saying for years. And how about Posner going after Fibertower on behalf of the unsecured but later representing Fibertower in closing out the BK. You really cannot make this stuff up it is so over the top blatant and jaw dropping.
04/05 Was Debtors response to Fahy and Levy
04/10 Hearing was held
04/11 Request for Transcript of what I assume was the hearing on the 10th.
04/12 Final Decree Posted
Assume Codesilver requested the transcript. If he did he will post.
Sorry but that guy is what he is. I hope we all realize that opposed to settling for $207M the Hedge Funds could have told the FCC and AT&T sorry no thanks we want more and will slow roll this in the courts until 2019 and 2020. Do you think AT&T and the FCC could afford to do that with all that they have in their plans? Do you think the hedge funds would have called it a day at $207M?
Your sense of entitlement for not exerting any effort but bitching, whining, and moaning is nauseating. I am operating under the assumption that there is more to come and that we are included in the settlement agreement and that the $207M is not everything in it's entirety. I am assuming AT&T and the FCC have more to come and needed the final decree to do so.
Just have to wait and see if more comes out.
Correct. It seemed as if AT&T and FCC needed that Final Decree within 180 days are it would all revert back to pre-settlement state.
Pacer Case Locator System.
Final Decree Issued. Case Closed. Hopefully there is more coming on this from AT&T. Perhaps they can announce more now that they have the final decree and essentially have locked down all that spectrum guaranteed.
ORDERED AS FOLLOWS:
1. The Application is granted, as set forth herein.
2. Pursuant to section 350 of the Bankruptcy Code and Bankruptcy Rule 3022, a final
decree is hereby issued with respect to the Chapter 11 Case and the Chapter 11 Case shall be, and
hereby is, closed.
3. Entry of this Final Decree is without prejudice to the rights of the Reorganized
Debtor to seek to reopen the Chapter 11 Case for good cause shown pursuant to section 350(b) of
the Bankruptcy Code.
4. The Court shall retain jurisdiction over the Chapter 11 Case to the extent permitted
under Article XII of the Plan and Paragraph 39 of the Confirmation Order.
5. The Reorganized Debtor is authorized to take all actions necessary to effectuate the
relief granted pursuant to this Final Decree in accordance with the Application.
6. Notwithstanding the possible applicability of Bankruptcy Rules 6004(h), 7062, and
9014 or otherwise, the terms and conditions of this Final Decree shall be immediately effective
and enforceable upon its entry.
7. The Court shall retain jurisdiction with respect to all matters arising from or related
to the implementation of this Final Decree.
I didn’t put the request in but someone did.
Request put in for transcript. Takes up to 7 days. Per the Pacer system.
There is a reason why they put these things out at the last minute. I just wonder if Fahy and Levy have stirred up enough substantial, relevant, and credible arguments for the BK judge to say wait a minute as well as strike fear into the debtors and more importantly AT&T to where things can get held up. We all know Lynn was asleep at the wheel but maybe the new guy is going to look at it and say there are some major problems with what went down. First and foremost the valuation of an asset in question at $0 but we wan this zero all to ourselves. It is just near next to impossible for me to understand how ATT and the FCC would risk anything and not throw a bone to shareholders. It is peanuts for them to do so and it secures the asset that AT&T wants and solidifies the FCC's 5G goals. ATT and FCC are not stupid and know Fibertower is just coated in dirty players who would screw a 5 year old out of his lunch money if they could.
Vuletini, what did your attorney tell you?
They are compartmentalizing different transactions between all the parties invloved and presenting a view to the court that is not complete. Too difficult for you to comprehend. In the settlement agreement there is reference to the shareholders which may be payment from ATT and outside the lines of Fibertower which is then excluded for purposes of final decree. What I have seen so far is nowhere near full disclosure of the details of the transaction and purchase. Since when does a brief press release constitute disclosure. There is still so much behind the curtain they are hiding.
I still think old shareholders are included in some fashion and that piece may be paid by att but not part of whatever Action is going to Fibertower/Solus/Broadbill. Fahy and Levy should have some good foundation to stand on as how does $207M relate or translate back through the settlement agreement. I would think the court would want full detailed disclosure as to how this all flows so as to remove all doubt. Right now you have a $207M figure being thrown around as well as amounts being thrown around in the settlement agreement. There is more $ to this than the $207M and this should all be layed out in front of the court. Something is being hidden in all of this as the numbers, players, players objectives etc...is not adding up to where they would give someone(att)a “sweetheart” deal. I am not slick enough to translate the lawyer speak but they choose their words wisely to grease their exit out of where you thought you had them.
These guys appear to be playing fast and loose with the court. They seemed more adamant in simply discrediting Fahy and Levy as they shouldn’t be able to even file a petition opposed to addressing their arguments. I don’t think the settlement agreement and a press release by ATT constitute full disclosure to the court as to what the details of all this are. For whatever reasons they do not want to release the true number on top of the $207M. Does anyone here think Solus or Broadbill would settle for that? They would drag this out in court in 2019/2020 and go after the entire 24/39 as opposed to settling. Was the settlement agreement filled with verbiage that was utter nonsense? Why did settlement agreement not contain or mention $207M?
Settlement Agreement. It is like pounding nails into concrete with this board.
Agreed I think it is too far down the path to turn back but you never know who can pull some last minute strings and foul things up. If that somebody was asleep all along they aren't asleep now.
I assume the 04/10 hearing is to address the objections filed. The application said NO HEARING WILL BE CONDUCTED HEREON UNLESS A WRITTEN RESPONSE IS FILED WITH THE CLERK OF THE US BANKRUPTCY COURT etc......
One has to think AT&T/Debtors will release the financial details prior to that.
My overall point was that we have one in the hand and he is out there chasing just one in the bush. There is no two in the bush. Who knows who he has sent information off to but at this point I don't think it does much good to advance any cause at the last minute, just brings potential harm to us. What is done is done but it was all right there in the settlement agreement like I said so many times that we were all set. Either he didn't bother to understand it or was hell bent on social justice of some sort. But some of us at the end of the day have mortgages, college tuition to cover, and I am sure a host of other things we would like to cover and put our minds at ease. Not sure what he was thinking but it wasn't in anyone's best interest here.
Why are all my posts being deleted?
Sorry message posted 2X.
Both are grandstanding leftist hacks. No matter what Clyburn or this congresswoman do the FCC is still 3-2 in favor of Pai's decisions.
As much as Pai is in with ATT and Verizon you can say the same thing about Eshoo and Clyburn with The Tech Titans(Goog, Amzn, FB, Apple, Netflix etc...) As Sandpants said notice how these complaints talk about acutioning off the assets for the public. Well now you are in the courts for another 2-3 years with Fibertower and 4-5 years with Straightpath. What does that do to 5G plans in this country? But those two women won't mention that.
She is nothing more than a puppet for her donors. She has to keep up the appearances and keep the checks rolling in.
Shareholders are in the money and it is just a question of how much. Congresswoman represents Silicon Valley district so who do you think her interests are with?
prkvw75, the article appears to go after AT&T as if they are some villain in all of this. You want a 5G Network Build you better enable and grease the track for AT&T and Verizon. The control about 70% of the wireless market. You want the prime spectrum to be in the hands of groups that can't raise the capital to do a buildout? Sprint has huge problems and DT is looking to dump TMUS. The real group to look at is the FCC. At the end of the day Fibertower and Straightpath had the FCC over a barrel. Either pay up for the spectrum or we take this to the courts for years. If the FCC went after strp then strp would have been in the courts until 2023. Google, FB, Amzn, Netflix etc... they could have all gotten involved. They prefer to influence broadband policy and not build networks.
Refers to the New Fibertower. But if you are an original shareholder that never sold you are part of New Fibertower per the settlement agreement. It is all right there in the Settlement Agreement. Did you read it? Did you read the BK documents? Helps to get a whiteboard out and connect all the dots of the verbiage in the settlement agreement. That is what the attorney did for me. Fahy and Levy were pressing for that final amount to get some certainty before they entered the final decree. I suggest you bring it to a quality attorney yourself and spend a few bucks to get confirmation.
Nothing really matters at this point. It is all a done deal and they are probably going to close it out soon.
Author and many of you fail to understand the settlement agreement. If you were a shareholder of Fibertower and never sold you are going to get paid. It is clear in the settlement agreement that there are 2 pieces. There is the first part being the "Transaction" and the second part being "The Stockholders Purchase Agreement". Levy and Fahy spelled it out for you in their documents that Codesilver posted here. The first part $207M or The Transaction allocates the company out to both the shareholders and the bondholders and most likely settles up with the unsecured creditors. That essentially settles the score and creates the entity. Then "The Stockholders Purchase Agreement" is the buyout of that newly created entity. Essentially AT&T is swooping in and making things right for shareholders. It is all right there in the settlement agreement. The only question is what is the amount behind The Stockholders Purchase Agreement? That is what Fahy and Levy were asking the court to release prior to issuing a final decree on the chapter 11 case. That author tries to sling some mud on AT&T but they are the best thing to happen to the situation for a shareholder. They want to settle this entire deal correctly and move on and utilize the spectrum in 5G. $207M is not the final deal price in totality(Solus and Broadbill would rather keep the spectrum in the courtroom at that price and factor in the October Amendment to the Purchase agreement which could have upped the amounts being post Straightpath Deal). If $207M were final you would have seen an SEC filing. Once the final decree is issued and The Stockholders Purchase agreement is executed then you will see the announcement or SEC filing. This isn't that difficult to figure out if you have the right set of eyes looking at it. Spend a few bucks and discuss it with a competent attorney.
It is all right there in the settlement agreement. We just need to find out the final sale price.
Done Deal. Just need to find out what the final purchase price is.
Both he and Levy appear to be two very sharp individuals who are on the ball and when given the opportunity have jab, jab, jabbed their way into relevance. I would think all of the details would be provided after the decree on March 9th but you can never be sure. At the very least he got it on the record that all parties involved in the settlement that is driving the decree should know what their involvement is prior to the decree being issued. Makes sense from where I or anyone involved would stand. The settlement agreement is not 100% crystal clear and neither is the brief announcement by AT&T that they closed the deal for $209M. For the legality of it all I don't know but it made sense to me what he was asking for.
prkvw75, they have to close out and gain the final decree on the BK case, then some type of announcement or notification of the stockholder purchase agreement. I don't know of other situations where a public company drops $500M to $1B plus in cash or stock on an acquisition and doesn't have to file with the SEC. You can follow the bk case updates on the court's website.
We should find out the ending amount and the most detail that will possibly come will be from an ATT Sec Filing. Unless someone wants to put information out there that they shouldn't. Both STRP and Verizon were public companies. The STRP filing about what occurred was fascinating.