Summary
This Form 8-K filing by MetroPCS Communications, Inc. (which would later become part of T-Mobile US, Inc.) on April 26, 2010, primarily announces that its indirect wholly-owned subsidiary, MetroPCS Wireless, Inc., received notice from C9 Wireless, LLC. C9 Wireless is exercising its right to "put" (sell) its entire membership interest in Royal Street Communications, LLC back to MetroPCS Wireless. The transaction's expected closing date is on or after December 22, 2010. This filing is procedural, informing investors of an exercise of a contractual right that will result in MetroPCS Wireless acquiring full ownership of Royal Street Communications. The implications for MetroPCS's operations or financial standing are not detailed in this report, but it signifies a step towards consolidating ownership within the company's structure.
Key Highlights
- 1MetroPCS Communications, Inc. (now part of T-Mobile US) filed an 8-K on April 26, 2010.
- 2The filing concerns an indirect, wholly-owned subsidiary, MetroPCS Wireless, Inc.
- 3C9 Wireless, LLC has exercised its right to sell its membership interest in Royal Street Communications, LLC to MetroPCS Wireless.
- 4This action is a "put" option exercised by C9 Wireless, obligating MetroPCS Wireless to purchase the interest.
- 5The agreement under which this put option is exercised dates back to a December 15, 2005, Amended and Restated Limited Liability Company Agreement for Royal Street Communications.
- 6The expected closing date for this transaction is on or after December 22, 2010.
- 7The filing indicates a move towards MetroPCS Wireless consolidating full ownership of Royal Street Communications.