Aurelius Fights 'Unprecedented' Clearwire Buyout Appraisal

Law360, Wilmington (November 27, 2017, 7:50 PM EST) -- Aurelius Capital Management LP told the Delaware Supreme Court in a brief unsealed Monday that the Chancery Court’s appraisal of Sprint Nextel Corp.’s $3.6 billion buyout of Clearwire Corp. valued the deal so low as to be “virtually unprecedented” and relies on a “despotic notion” that is contrary to Delaware law.

In its opening brief appealing Vice Chancellor J. Travis Laster’s July 21 opinion, Aurelius argued that the court valued the merger at a “staggering discount” of less than half of the market price, and relied on the assumption that Sprint would continue to breach its fiduciary duties to shareholders “without...

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