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Crest Financial Amends Complaint against Sprint and Clearwire



        Crest Financial Amends Complaint against Sprint and Clearwire

PR Newswire

WILMINGTON, Del., Dec. 21, 2012

WILMINGTON, Del., Dec. 21, 2012 /PRNewswire/ -- Crest Financial Limited, a
Texas-based investment company and a substantial minority shareholder in
Clearwire Corporation, today amended its complaint in the Court of Chancery
here against Sprint Nextel Corporation and Clearwire.

The lawsuit now asserts that the proposed merger agreement between Sprint and
Clearwire is "structurally coercive." Particularly onerous to Clearwire's
minority shareholders is the $800 million convertible notes that Clearwire
would issue to Sprint.  Under this arrangement, Sprint would force Clearwire
to further burden its balance sheet with debt, while at the same time Sprint
would receive valuable exchange rights that would allow Sprint to convert this
debt into Clearwire common shares at a very low price and thus further dilute
Clearwire's minority shareholders.

Crest is also now asking the court to declare that Comcast, Intel and Bright
House are affiliated with Sprint for the purpose of deciding how many shares
are voted for or against the merger. A majority of unaffiliated shareholders'
shares must approve the merger, and Crest asserts that the three companies'
shares, which together comprise 13 percent of outstanding Clearwire voting
shares, should not be counted because they have a side agreement with Sprint
to vote for the merger.

The amended complaint can be found here: www.bancroftpllc.com/crest.

SOURCE Crest Financial Limited

Contact: Jeffrey H. Birnbaum, jbirnbaum@bgrpr.com, +1-202-661-6367
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