Greetings FBBT Ihub Family.. as promised I sought council and council has rendered their opinion.
Below is regurgitation of my councils response to me:
The common shareholders are considered “old Equity”, this equity was wiped free and clear 4yrs ago by the plan to reorganize fibertower presented by the debtors. During this time there were several common shareholders who petitioned the court prior to the activation of the plan, but as we all know that petition failed.
The reorganization plan utilized a “debt for equity” process where in short the bondholders had first opportunity to exchange debt for equity and the equity was in form of new Fibertower shares. The common shareholders received zero equity because it was all consumed by the bondholders. Once all the equity in the new company was consumed all of the remaining debts were considered free and clear including common shareholders.
after the plan to reorganize the company was activated, bondholders controlled the company and petitioned the DC court to appeal the FCC ruling, it appears At&T was active then in regards to discussing a potential purchase of the reorganized company, but was hedging bets against the Fcc in DC court ruling. If the ruling went in favor of the FCC, no deal with ATT and the spectrum would be returned for resale.
Fahey and Levy who were present at the bankruptcy closing case, argued on behalf of the common shareholders but were subsequently denied standing as the judge referenced the enacted debtor’s reorganization plan, which left the common shareholder without standing as entity with zero equity.
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FatMojo -Personal opinion
So now having this information it is clear to me, the exstingqushing of the share was really the final blow to the common shareholders. Everything up to this point was a hope and prayer that some regulator agency or judge would question the process and dig deep enough to raise alarms. Fahey and Levy did their best (hats off to them), but the weight of the At&T fcc double team was too hard to overcome.. Since the DC courts ruled to allow the FCC and fibertower to come to an agreement (al-la FCC reconsiders your rules for determining build out requirements and proof of substantial service, wink wink find a buyer), At&t came in as mediator between to 2 offering to utilize the spectrum remaining to the fullest by purchasing fibertower for equity and debt..thus why the the 270mil or so purchase price seems low, but actually may be the actual purchase since it was so far before Verizons 2billion purchase.
So it appears from the personal legal route we have no claim, but I’m open to alternative thinking on the matter.
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