Hedge fund sues to stop Sprint from buying out Clearwire

04/27/2013 | Reuters · Total Telecom Magazine (U.K.) · Wall Street Journal, The

Aurelius Capital, a major investor in Clearwire, is suing to prevent Sprint Nextel from acquiring the remaining shares in the wireless service provider. In its filing Friday in Delaware's Court of Chancery, Aurelius asserted that Sprint -- which holds a majority of Clearwire shares -- had dictated "manifestly unfair" terms for the buyout. The hedge fund also sued Clearwire directors, alleging they surrendered their legal fiduciary duties. Also at Sprint, the carrier confirmed that its shareholders will vote June 12 on whether to sell 70% of the company to SoftBank, which is tentative pending government approval of Sprint's proxy filing.

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Reuters · Total Telecom Magazine (U.K.) · Wall Street Journal, The

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