Replies to post #2176 on Fibertower Corp fka FBBT

[wirelessman77]

The petitions to the FCC, especially Levy and Fahy should carry some weight with the FCC and make them think this through. The first step is the FCC and if that does not work out then the next step is to work to review the BK plan. I would say the problem but it is more there are many complexities and moving parts to this is the primary assets have been in question and in limbo for so long that the FCC could impose something favorable to former shareholders and if not a court reviewing the BK plan could also do the same.

#1 - The assets in question were part of the pre-effective state of the BK plan.
#2 - The BK plan said sure the assets are only worth $1-$2M and Tom Scott as the financial guy is all good. Even though he led the company to BK and didn't spend the money of $10-15M to preserve a $300M asset??? Hey you the Creditors your opinion doesn't mean anything even though your argument are legitimate and the shareholders...well you are out altogether so anything you say we will toss to the trash.
#3 - The major point of one of the replies was how does a wireless spectrum asset go from $300M to $1M in 2 years? There was never a devaluation that occurred to that magnitude in such short order ever????
#4 - Go back and review the Terrestar case where a similar cast of characters was involved. They devalued lesser important or valued spectrum to a far less extent to walk away with it all than Tom Scott and Fibertower.
#5 - What I also don't understand and could come under extensive scrutiny as the petitions mentioned is how in the world did Tom Scott become the be all end all spectrum evaluator??? Here is a guy who valued the spectrum at $300M+ for years on end and then......$1 to $2M in BK? Does this sound like and individual or CFO you want running or valuated anything?
Hats off to to the petitioners as they nailed it and hopefully are opening some eyes at the FCC as to what has taken place. Very difficult for the FCC to allow the deal not to go through given what STRP actually did(or didn't) do considering substantial service. Also very difficult for the FCC to not put some caveats on the deal to totally screw the unsecured creditors and shareholders. The FCC would be perceived as an approver of fraud as Levy made a point of.