Clearwire Corp. (CLWR:US) investor Crest Financial Ltd. voiced support for a proposal by fellow shareholder Mount Kellett Capital Management LP to sell Clearwire’s excess wireless spectrum.
Crest Financial echoed Mount Kellett’s concern that Sprint Nextel Corp. (S:US), Clearwire’s biggest shareholder, wasn’t acting in other investors’ interest. Crest Financial, in a letter to Mount Kellett that was distributed by PR Newswire, recommended the sale of excess spectrum and suggested Clearwire raise money through a stock offering.
Clearwire, which is attempting to build a high-speed national wireless network, needs additional funding to complete the system, said Houston-based Crest Financial, which owns a 6.6 percent stake in the company. Sprint, which leases Clearwire’s network to serve its mobile-phone customers, is the business’s largest customer.
Susan Johnston, a spokeswoman for Bellevue, Washington- based Clearwire, declined to comment, as did Bill White, a spokesman for Overland Park, Kansas-based Sprint.
Clearwire shares (CLWR:US) fell 3.6 percent to $2.12 at the close in New York, mirroring a broader market decline. The stock has climbed 9.3 percent this year.
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