Fibertower Corp fka FBBT

[Sandpaints]

CJ12

As noted several times in the Forbes article, the practice of forming an equity committee is a recent development in bankruptcy cases - and was not happening when FTWRQ filed.

That is probably the best explanation to your question.

The lack of formation of an equity committee does not prevent the bankruptcy court judge on this Fibertower / FCC license situation from observing and acting in favor of the common shareholders. I believe this is why the licenses were held within the courts jurisdiction to be determined following an FCC decision on the licenses. The value of that will be determined, and fairness should include recognition of value for common shareholders.

This value will be especially easy to recognize if AT&T makes some provision for it in their deal with Fibertower that would settle the matter quickly and to everybody's best interests, including the 'public interest'. It is also in the 'public interest' that the FCC regulators are not party to any transaction that could associate them with a 'CONSTRUCTIVE FRAUD' involving spectrum valuation and misuse of FCC procedures. It would also behoove the FCC not to allow any tendency itself to be 'Gamed' by Fibertower, or the formation of such a public view. IMO.