Sprint Wins Appraisal Award in Clearwire Buyout Suit

In the biggest appraisal defense victory ever, Skadden successfully defended client Sprint Corp.'s $3.6 billion buyout of Clearwire Corp. After a 10-day trial in which hedge fund Aurelius Capital Management argued that Clearwire was worth $16.08 per share, the Delaware Court of Chancery ultimately adopted our expert's $2.13-per-share valuation. As a result, Aurelius will receive $2.13 per share for its more than 25 million Clearwire shares, as opposed to the merger price of $5.00, in a determination that represents, by far, the most dramatic downward departure from a deal price in the court's history.