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Thread: FreedomPop has been sold to Red Pocket

  1. #31
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    Quote Originally Posted by agalvan View Post
    I'm sure. But close to $100 million for FP name and customers is high.
    You are right!

    Included would be
    - phone inventory (including possibly phones consigned to retailers if they have any phones through retailers - I do not know if they do or not)
    - the value of the AT&T Contract
    - the value of the retail distribution contracts with BestBuy and other retailers
    - MAYBE the value of the Sprint contract (even though they are getting rid of the Sprint customers to Ting)

    Could there be hidden value in some of those?
    Last edited by comintel; 06-07-2019 at 03:27 PM.

  2. #32
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    Quote Originally Posted by agalvan View Post
    The article says Red Pocket bought the name for high 8 figs. It is questionable that even the GSM customers are worth that. This is very strange and smells like STS did one last screw job.
    They sold the business for only $90,000 with free shipping.

    But at the bottom of the contract there was a little gray box, checked by default, that said "Sign up for FreedomPop Super Premium Acquisition Plus for only $10 million a month. Free Virus Protection!"

  3. #33
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    Quote Originally Posted by barryspar View Post
    They sold the business for only $90,000 with free shipping.

    But at the bottom of the contract there was a little gray box, checked by default, that said"Sign up for FreedomPop Super Premium Acquisition Plus for only $10 million a month. Free Virus Protection!"
    THAT'S pretty funny! Lol!

    But it would be more like this:

    "Sign up for FreedomPop Super Premium Acquisition Plus for only $10 million a month. Free Virus Protection!"

  4. #34
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    Quote Originally Posted by barryspar View Post
    They sold the business for only $90,000 with free shipping.

    But at the bottom of the contract there was a little gray box, checked by default, that said "Sign up for FreedomPop Super Premium Acquisition Plus for only $10 million a month. Free Virus Protection!"
    Quote Originally Posted by Boz1 View Post
    THAT'S pretty funny! Lol!

    But it would be more like this:

    "Sign up for FreedomPop Super Premium Acquisition Plus for only $10 million a month. Free Virus Protection!"
    That's great. But maybe Red Pocket does not know about the SEC filling charge of $10 million they did not disclose.

    Funny guys!

  5. #35
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    Quote Originally Posted by comintel View Post
    You are right!

    Included would be
    - phone inventory (including possibly phones consigned to retailers if they have any phones through retailers - I do not know if they do or not)
    - the value of the AT&T Contract
    - the value of the retail distribution contracts with BestBuy and other retailers
    - MAYBE the value of the Sprint contract (even though they are getting rid of the Sprint customers to Ting)

    Could there be hidden value in some of those?
    I can't imagine the phones they sell worth much since they are refurbished and I would think their AT&T contract would be similar since they have the eBay deal.

    The Target and Best Buy deals I can see might be a factor, however. But man that seems like too high of a price for a lemon of a name.

  6. #36
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    Quote Originally Posted by agalvan View Post
    I can't imagine the phones they sell worth much since they are refurbished and I would think their AT&T contract would be similar since they have the eBay deal.

    The Target and Best Buy deals I can see might be a factor, however. But man that seems like too high of a price for a lemon of a name.
    I am positive they do not care about the name at all.
    I doubt they will even use it except for transitional purposes.

    I think the point is that STS Media can no longer use it in their new potential venture with Boost. That is part of what Red Pocket is paying for. If STS had retained rights to the name, they could have stolen a good part of the business back quite easily.

    Also I bet the Sprint contract is a large part of it. It is probably a better priced contract than Red Pocket has now with Sprint. Maybe the AT&T contract too. Those may be what this is really about.

  7. #37
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    Quote Originally Posted by comintel View Post
    I am positive they do not care about the name at all.
    I doubt they will even use it except for transitional purposes.

    I think the point is that STS Media can no longer use it in their new potential venture with Boost. That is what Red Pocket is paying for.
    Your take makes the most sense; it has to be something beyond the FP name. There has to be much more to it that what's on the surface. I would feel much better about myself purchasing a $50 1 Gb yearly SIM from RP. On the surface it looks like FreedomPop did one last rip off job.

    It would make me sick if STS was able to parlay FreedomPop to get Boost. (Oddly, it was Boost Mobile's entry into the MVNO space that lead me to HoFo in the first place as a Nextel fan)

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    I just helped someone get a 12 month sim from Best Buy. They have to honor that, don't they?

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    Quote Originally Posted by barryspar View Post
    I just helped someone get a 12 month sim from Best Buy. They have to honor that, don't they?
    RP does not have to do so in an assets-only purchase.

    However, I am guessing they have agreed to do so.

    Otherwise STS Media would be on the hook for that obligation still.

    So likely you will be ok, probably better off in fact. Or I suppose they could refund you.

  10. #40
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    Quote Originally Posted by agalvan View Post
    It would make me sick if STS was able to parlay FreedomPop to get Boost.
    I know a lot of people elsewhere have the same thoughts. The sales to two different companies definitely sounded like a quick money grab on STS’s part. I agree with you on that!

    Sell off Sprint users to someone just to buy up another Sprint/(possibly T-Mobile) MVNO? That seems like a weird move as is, since we have seen other smaller MVNOs get bought up by a bigger competitor. America Mobil’s acquisitions of Simple Mobile, Family Mobile and PagePlus are prime examples of this.
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    Time will tell. I don't think we'll see immediate changes, but probably something near the end of the year maybe?

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    I can see RP moving the people on the 1gb/12 month plan onto the RP ebay 12 month 100/100/500. Not exactly the same thing but at least somewhat similar.

  13. #43
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    Quote Originally Posted by agalvan View Post
    I don't understand why they would buy that name in the first place. It's not like the name "FreedomPop" brings a great reputation that people would flock to.

    Second and most disturbing, STS Media has made enough money to try and go after Boost?
    They're buying the customer base, not the name..geez

    Sent from my K88 using HoFo mobile app

  14. #44
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    FreedomPop has been sold to Red Pocket

    Quote Originally Posted by sharp99 View Post
    They're buying the customer base, not the name..geez
    The actual Reuters report specifically states the FreedomPop brand. So it appears that the entire FreedomPop business, with all of the non-CDMA assets involved with the brand, was sold to Red Pocket.

    Ting reps in this thread already said Ting didn’t buy the brand nor the GSM customer base.

  15. #45
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    High 8-digits for the FP name? NUTS!

    LOL at the $10 million a month small/transparent print clause.

    How does RP monetize this? Hope NO FP management will continue to be employed.

    RP throw the FP screw the customer culture/procedures out the door.
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