Replies to post #1996 on Fibertower Corp fka FBBT

[wirelessman77]

I don't think it was ever given any consideration at all considering the valuation done on the business.

$34M in cash straight to the Debtors.

That left the following:

Debtors owed about $100M
Unsecured Creditors owed about $30M

They then valued the business between $4M and $5M and handed it to the debtors. Note the entire lot of 728 licenses was valued at $1M to $2M.
692 licenses are still subject to the remand of the bankruptcy court.

[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.