Crest Financial Limited

In 2012 and 2013, Bancroft represented Crest Financial Limited in a multi-forum challenge to Clearwire Corporation’s proposed go-private merger with Sprint Nextel Corporation.  At the time, Crest was Clearwire’s largest independent minority stockholder, and Sprint was Clearwire’s majority shareholder.  Bancroft’s representation of Crest included litigation in the Delaware Court of Chancery, proceedings before the Federal Communications Commission, a proxy contest, and general strategic counsel.  At issue were, among other things, allegations of breaches of fiduciary duty arising from Sprint’s bid for Clearwire and the use and licensing of Clearwire’s wireless spectrum.  The challenge was resolved when Crest entered in a Voting and Support Agreement and voluntarily dismissed the Delaware action.  The matters were Crest Financial Ltd. v. Sprint Nextel Corporation, et al., C.A. No. 8099-CS (Del. Ch.) and In re Applications of Sprint Nextel Corporation, et al., for Consent to Transfer Control of Licenses and Authorizations, IB Docket No. 12-343 (F.C.C.).  Viet D. Dinh, H. Christopher Bartolomucci, Stephen V. Potenza, Michael H. McGinley, and Brian J. Field represented Crest.