Trouble mounts for Sprint-Clearwire-SoftBank deal

As we reported last week, Clearwire investor Crest Financial asked the FCC to reconsider its decision that allowed Sprint to get majority control of Clearwire. Now, a second Clearwire investor, Mount Kellett Capital Management, has officially complained - this time directly to Clearwire management - that Clearwire had failed to explore alternatives.

"Mount Kellett complained that Sprint Nextel Corp's (S.N) offer to buy out the company was 'grossly inadequate' and said Clearwire's special committee had breached its fiduciary duties in accepting the offer," wrote Reuters.

Mount Kellett, a $7 billion investment firm, asked Clearwire "to negotiate for improvements in an offer Dish Network announced on January 8 to buy Clearwire for $2.3 billion, or $3.30 per share..."

Meanwhile, Bloomberg reported that Dish itself asked the FCC to "pause their consideration of Softbank Corp. (9984)'s proposed $20 billion purchase of Sprint Nextel as the satellite-television provider pursues Sprint partner Clearwire."

Comments to the FCC on the Sprint/Softbank transaction are due Jan. 28.

Challenges to Softbank Sprint deal (Speed Matters, Jan. 10, 2013)

Mount Kellett Capital Management (Website)

Mount Kellett urges Clearwire to seek better deal from Dish Network (Reuters, Jan. 17, 2013)

Dish Network Asks FCC to Pause Its Sprint-Softbank Review (Bloomberg, Jan. 17, 2013)