Or is it - Fibertower: Direct or Derivative or Neither ???
It seems our situation would depend on the bankruptcy reorganization plan being overturned due to antitrust action, because we were not shareholders when the merger with AT&T was finally consummated. However, if during 2011 AT&T / (perhaps T-Mobile) and the Hedge Funds colluded with or without Fibertower management to bring about the 2012 bankruptcy, with the 2014 results, that would give us an opening, IMO.
In the bankruptcy court during the 'stay' discussions the FCC said as much that the bankruptcy petition was made as an excuse to suspend the FCC from taking back the licenses, to which Judge Lynn crafted an opinion that Fibertower could not be reorganized if they lost the business vital -valuable-license rights or as property of the estate. The agent of that was the Hedge Funds.
So the judge ordered the licenses into limbo pending appeals. In short, the judge was bamboozled by legal arguments that were true enough by the time the proceedings had reached that point, yet the FCC was correct that the bankruptcy had been designed to achieve that objective, even before the bankruptcy application had been created.
It's complicated. Our chances are slim to nonexistent of recovery, but there may be some consequences for the perpetrators, yet to come. Following WWII some properties were restored to their rightful ownership and some restitution was paid. And a lot of people got nothing or were left ruined.
