Well, there is always a seasonal CLWR-Sprint rumor this time of year anyway. We don't know for sure this is going to actually happen yet. But they did strike a deal this time last year and CLWR will need money some time in 2013.
I think it would be insanity for sprint to buy the shares and the debt load, that would automatically price the CLWR bonds at face price. The shares are worthless. If they are smart they are negotiating with the bond holders to buy the bonds a little rhigher than what they market is paying for them and then take over the company as debtor in posession. They will lose their stake in shares, but they will save considering the huge debt load CLWR has.
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