Crest Financial Files Complaint against Sprint and Clearwire

         Crest Financial Files Complaint against Sprint and Clearwire

PR Newswire

WILMINGTON, Del., Dec. 12, 2012

Lawsuit Alleges Scheme to Oppress Minority Shareholders

WILMINGTON, Del., Dec. 12, 2012 /PRNewswire-USNewswire/ -- Crest Financial
Limited, a Texas-based investment company and a substantial minority
shareholder in Clearwire Corporation, today filed a complaint in the Court of
Chancery here against Sprint Nextel Corporation, Sprint Holdco LLC, Eagle
River Investments LLC, Clearwire and the members of the board of directors of
Clearwire. The lawsuit alleges that Clearwire abetted and the other defendants
breached their fiduciary duties by allowing Sprint to extract for itself the
value of Clearwire's high-speed, broadband spectrum to the detriment of
Clearwire's minority shareholders. The complaint can be found here:
www.bancroftpllc.com/crest.

Crest Financial separately requested expedited consideration of its complaint
by May 2013. Crest Financial is seeking injunctive relief against Sprint's
pending merger with Softbank and against Sprint's interference with
Clearwire's previously announced plans to raise funds and build out
Clearwire's network. The lawsuit also seeks compensatory damages and any
further relief that the Court deems appropriate. Crest Financial initially
expressed some of the basic concerns in today's complaint in November 2012 in
a letter to the chief financial officer of Mount Kellett Financial Management
LLP, another minority shareholder. Crest Financial intends to petition the
Federal Communications Commission to deny the Sprint-Softbank merger under its
current structure.

Crest Financial with its affiliates currently owns 45,756,898 Class A shares
of Clearwire or approximately 6.62 percent of Clearwire's outstanding Class A
stock.

SOURCE Crest Financial Limited

Website: http://www.bgrdc.com
Contact: Jeffrey H. Birnbaum, +1-202-661-6367, jbirnbaum@bgrpr.com
 
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