No Direct Claims Against Clearwire Directors: Court

Law360, New York (May 21, 2007, 12:00 AM EDT) -- The Delaware Supreme Court on Friday ruled that creditors of insolvent companies or companies in the “zone of insolvency” could not file direct claims against the companies’ directors.

The court affirmed the ruling of the Delaware Court of Chancery, which found that the North American Catholic Educational Programming Foundation Inc. failed to state a claim against three directors of Clearwire Holdings Inc., a Delaware corporation that sought to acquire the leases of radio spectrum bands to facilitate streaming wireless internet.

NACEPF alleged that three Clearwire directors—Rob...
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