Crossroads Wireless- Bankruptcy!

Many people contacted Steel in the Air, Inc about the possibility of getting assistance with negotiating land leases with Crossroads Wireless. After one or two consultations, we chose not to take on any of these clients because our experience in dealing with Crossroads agents proved that they would not make changes to their lease. At the $300/mo to $400/mo that Crossroads was offering, we suggested to potential clients that they should really consider the liability that they were incurring by working with Crossroads. Furthermore, we suggested people did not need to retain us unless their property was special or unique because they were not likely to get anything more on their lease.

None of our clients chose to go forwards with Crossroads. In hindsight, that may have been a wise decision. In February of 2009, a group of Crossroads creditors chose to file for involuntary bankruptcy for Crossroads. The Bankruptcy Court granted an order to convert the bankruptcy to a Chapter 11 reorganisation.

As it pertains to land leases, Crossroads was successful in signing up 2000 or so landowners. They now want to get out 197 of those leases. Whether these leases are ones where they actually started construction is unknown. Perhaps the leases that they want to retain are ones where they haven’t started construction or they have finished construction.

For more on this situation, please read an excellent article on the subject at Wireless Estimator.