Crest Financial

Crest Financial, the largest minority shareholder in Clearwire, made good on its promise to wage a proxy battle in an effort to block Sprint Nextel's $2.97-per-share offer to buy the 50 percent of Clearwire that Sprint does not already own.

Crest Financial, a minority shareholder in Clearwire, proposed that Clearwire's board accept its offer of $240 million in financing as opposed to continue taking $80 million monthly payments from Sprint Nextel, which is part of Sprint's $2.97-per-share offer to buy the 50 percent of Clearwire that it does not already own.

Crest Financial, a minority Clearwire shareholder, is not backing down from its bid to block Sprint Nextel's takeover of Clearwire. Crest said it hired proxy-solicitation firm D. F. King & Co., to help it oppose the deal.

Crest Financial, a minority investor in Clearwire, said it will ask the FCC to halt both Sprint Nextel's proposed $2.2 billion acquisition of Clearwire as well as Softbank's $20.1 billion deal to acquire 70 percent of Sprint.