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. The initial merger was priced at $2.97 per share, and was successfully increased to $5.00 per share to resolve the challenge. 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.