I'll admit that I jumped in this stock as a day trade when it dumped 15% in a day (May 12).
After doing a lot of research and getting in at this low price, I might hold a position in Clearwire for a while.
The have a large amount of spectrum, large contracts with Intel and Sprint and they are a very likely buyout pick. With the at&t/T-Mobile merger, Sprint is almost forced to buyout Clearwire.
Main issue: debt. They have a lot of it. They just cleared up their pricing dispute with Sprint which was preventing them from securing additional capital. This recent move may allow them to shuffle debt around at lower rates and longer maturities.
While there is downside risk in this stock because of the churn of technology and their large debt-to-equity ratio, I think it is an excellent short to medium term play that may pay off quite well.
Just make sure to stay up on the news and definitely listen to the earnings calls to make sure you're not holding the bag!