The company is locked in a showdown with its lenders, and they hold the cards. To keep them at bay, the company needs to raise cash, primarily through the sales of assets and legacy businesses.
Will its debt-laden balance sheet hold up in the weight of further capital-spending requirements? As it stands now, Clearwire's cash flow and spending trends will be without any more funds by next June.
It is time for our leaders in Congress – the ones lifted into power by a conservative wave – to take a bold, principled stand and put an end to energy subsidies. These subsidies distort private sector investment, waste taxpayer dollars, and allow the government to pick winners and losers.
We should develop previously unusable energy resources to generate jobs, revenues.
We can be confident that Obama didn’t do this because he one day had an epiphany and realized that the MACT regulations were too harsh. He backed down because public pressure was so intense that it became clear his support of the expensive rule threatened his re-election.
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