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Nextel Partners Responds to Lawsuit Filed by Nextel Communications in Delaware CPosted by admininvest on: 2005-10-10 10:56:58
10.10.2005 Nextel Partners, Inc. (NASDAQ: NXTP) today issued thefollowing statement regarding the lawsuit filed against NextelPartners in Delaware Chancery Court on October 7, 2005, by NextelCommunications, Inc. and its subsidiary, Nextel WIP Corp.: We believe that Nextel's lawsuit has no merit and is just one more attempt to rewrite an agreement that they willingly entered into seven years ago in order to pay less than they are required to pay for Nextel Partners' publicly traded shares under that agreement. This time Nextel has asked the Court to concur with Nextel's oft-repeated interpretations of fair market value under Nextel Partners' charter. We believe that Nextel's interpretations are wrong and its motives are transparent, and we look forward to presenting our case before the Court. Nextel Partners will continue to take all actions necessary to protect the Company and its shareholders as we move through the put process. We also intend to hold Sprint Nextel fully responsible for any damage that its breaches and inappropriate actions may cause Nextel Partners or its shareholders. In addition to asking the Court to concur with Nextel's previouslydisclosed interpretations of the definition of fair market value,Nextel's lawsuit also seeks to prohibit Nextel Partners fromdisclosing to its public shareholders, as required by Nextel Partners'charter, the valuation reports of the first two appraisers to beappointed under Nextel Partners' put process. The suit also seeks torequire Nextel Partners to provide Nextel and its appraiser withcertain financial information. Nextel Partners indicated that it will ask the Court to hear thecase on an expedited basis to facilitate the timely execution of theput process. As previously announced, Nextel Partners' shareholderswill vote on whether to exercise their put right to sell NextelPartners to Nextel at the upcoming special meeting on October 24,2005. If Nextel Partners' shareholders elect to exercise the put, eachcompany must select an appraiser within 20 days. The charter requiresthe appraisal process to be completed no later than 110 days after theshareholder vote and Nextel Partners does not anticipate any delay inthis process. "Safe Harbor" Statement under the Private Securities LitigationReform Act of 1995 A number of the matters and subject areas discussed in this pressrelease that are not historical or current facts deal with potentialfuture circumstances and developments, including without limitation,matters related to Nextel Partners' future financial and operatingresults. The words "believe," "expect," "intend," "estimate," "assume"and "anticipate," variations of such words and similar expressionsidentify forward-looking statements, but their absence does not meanthat a statement is not forward-looking. The discussion of suchmatters and subject areas is qualified by the inherent risks anduncertainties surrounding future expectations generally, and also maymaterially differ from Nextel Partners' actual future experienceinvolving any one or more of such matters and subject areas. Suchrisks and uncertainties include the economic conditions in ourtargeted markets, performance of our technologies, competitiveconditions, customer acceptance of our services, access to sufficientcapital to meet operating and financing needs and those additionalfactors that are described from time to time in Nextel Partners'reports filed with the SEC, including Nextel Partners' annual reporton Form 10-K for the year ended December 31, 2004, and its quarterlyfilings on Form 10-Q. This press release speaks only as of its date,and Nextel Partners disclaims any duty to update the informationherein. About Nextel Partners Nextel Partners, Inc., (NASDAQ:NXTP), a FORTUNE 1000 company basedin Kirkland, Wash., has exclusive rights to offer the same fullyintegrated, digital wireless communications services offered by NextelCommunications (Nextel) in mid-sized and rural markets in 31 stateswhere approximately 54 million people reside. Nextel Partners andNextel together offer the largest guaranteed all-digital wirelessnetwork in the country serving 297 of the top 300 U.S. markets. Tolearn more about Nextel Partners, visit www.nextelpartners.com. Homepage Other open community sites http://www.business-business.biz Please support our sponsors: To design your custom retirement plan. http://www.retirement-plan.us For planning IRA rollovers. http://www.ira-rollover.us Professional asset allocation and the wonders it can do. http://www.asset-allocation.us Professional money management- Nationally ranked performance. http://www.roth-ira.us Managers selected to fit your needs. http://www.money-managers.us |
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