Straight Path Communications Inc. (STRP)...Modified Digital Microwave XP 4 (Avago 6442 in parallel),...

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1 Straight Path Communications Inc. (STRP) How to commit fraud against the FCC and get away with it (until now) Executive Summary There is overwhelming evidence that the vast majority of Straight Path Communications' ("Straight Path") 39 GHz spectrum licenses' Required Notification of Construction/Coverage Applications were obtained under fraudulent misrepresentation, because the systems were never built on the sites as specified in the filings . Michael Rapaport, as a representative of IDT Spectrum and Spectrum Holdings Technologies ("IDT"), the transferors of Straight Path's 39 GHz licenses, has likely committed over 150+ counts of fraud against the US government and made a mockery of the FCC's trust-based license renewal process . Instead of spending vast amounts of time, money, and resources to actually building up the required 39 GHz wireless sites in the 173 Basic Economic Areas (BEA) across the country, IDT/Rapaport gamed the system by filing construction/coverage substantial service Required Notifications that would pass FCC renewal process with nothing but a word processor. Almost all of the 39 GHz systems that are claimed to be "constructed" by IDT to provide Substantial Service as required for their 39 GHz license renewals in 2011-2012, cannot possibly been able to meet their performance specifications, as their purported systems defy the laws of physics, geometry, economics, and common sense . Readers, investors, and the FCC can easily verify for themselves that IDT’s systems were never built or operating at the time of renewal. Even if Straight Path's licenses have any value at all (which they don't), because they were renewed under false statements of coverage/construction, the licenses are at high risk of being terminated and stripped from Straight Path's ownership. Thus, the fair value of Straight Path stock without ownership of the 39 GHz licenses and being banned from future FCC spectrum participation is $1.00-2.00 per share, or approximately liquidation value . We urge the Federal Communications Commission (FCC) and regulatory authorities to immediately open an investigation into the license renewal process of Straight Path's 39 GHz licenses and ask Straight Path for proof that the Required Constructions were met for all of the systems claimed to be built in the 173 Basic Economic Areas. Companies should not be allowed to lie to the US Government and get away with it . Due to the danger of retaliation from the company and individuals involved, this report was written under a pseudonym, Sinclair Upton Research. People who commit fraud for millions of dollars are willing to do anything to keep their illegitimate gains. The author of this report can be contacted at [email protected] .

Transcript of Straight Path Communications Inc. (STRP)...Modified Digital Microwave XP 4 (Avago 6442 in parallel),...

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Straight Path Communications Inc. (STRP) How to commit fraud against the FCC and get away with it (until now)

Executive Summary There is overwhelming evidence that the vast majority of Straight Path Communications'

("Straight Path") 39 GHz spectrum licenses' Required Notification of Construction/Coverage Applications were obtained under fraudulent misrepresentation, because the systems were never built on the sites as specified in the filings.

Michael Rapaport, as a representative of IDT Spectrum and Spectrum Holdings Technologies ("IDT"), the transferors of Straight Path's 39 GHz licenses, has likely committed over 150+ counts of fraud against the US government and made a mockery of the FCC's trust-based license renewal process. Instead of spending vast amounts of time, money, and resources to actually building up the required 39 GHz wireless sites in the 173 Basic Economic Areas (BEA) across the country, IDT/Rapaport gamed the system by filing construction/coverage substantial service Required Notifications that would pass FCC renewal process with nothing but a word processor.

Almost all of the 39 GHz systems that are claimed to be "constructed" by IDT to provide Substantial Service as required for their 39 GHz license renewals in 2011-2012, cannot possibly been able to meet their performance specifications, as their purported systems defy the laws of physics, geometry, economics, and common sense. Readers, investors, and the FCC can easily verify for themselves that IDT’s systems were never built or operating at the time of renewal.

Even if Straight Path's licenses have any value at all (which they don't), because they were renewed under false statements of coverage/construction, the licenses are at high risk of being terminated and stripped from Straight Path's ownership. Thus, the fair value of Straight Path stock without ownership of the 39 GHz licenses and being banned from future FCC spectrum participation is $1.00-2.00 per share, or approximately liquidation value.

We urge the Federal Communications Commission (FCC) and regulatory authorities to immediately open an investigation into the license renewal process of Straight Path's 39 GHz licenses and ask Straight Path for proof that the Required Constructions were met for all of the systems claimed to be built in the 173 Basic Economic Areas. Companies should not be allowed to lie to the US Government and get away with it.

Due to the danger of retaliation from the company and individuals involved, this report was written under a pseudonym, Sinclair Upton Research. People who commit fraud for millions of dollars are willing to do anything to keep their illegitimate gains. The author of this report can be contacted at [email protected].

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Disclaimer – As of publication date, the author of this report has short positions in and owns options of the company covered herein and stands to realize gains in the event that the price of the stock declines. Following publication, the author may transact in the securities of the company, and may be long, short, or neutral at any time hereafter regardless of our initial recommendation. The author of this report has obtained all information contained herein from sources they believe to be accurate and reliable. The author of this report makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and the author does not undertake to update or supplement this report or any of the information contained herein. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction.

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Background In early 2011, IDT Spectrum, LLC (“IDT”) a subsidiary of IDT Corporation, had a big problem and it needed a solution, and it needed it fast. At that time, IDT owned 931 licenses in the 39 GHz spectrum and those licenses would expire and be terminated by June 1, 2012, unless IDT could show that it met the substantial service requirements of Section 101.17(a). If IDT did not meet those requirements, they would not be able to keep those licenses until the next expiration date of October 18, 2020, which would cost them their investment in those licenses. Under FCC renewal requirements for each license, IDT had to show that they constructed systems to either 1) broadcast 39 GHz signals with 4 point-to-point links per 1 million population within each county-sized Basic Economic Area (BEA) service areas or 2) under the point-to-multipoint safe harbor established for LMDS provide coverage to 20 percent of the population of the license's BEA service area. For each BEA, there are 14 licenses consisting of 100 MHz Channels between 38.6-40.0 GHz. However, leasing the sites for the systems, building the hardware, and operating the radio and antennas in all 173 BEAs across all 50 states would cost a lot of money, at least $10-12 million dollars by another (now bankrupt) spectrum holder company’s estimates. Enter Michael Rapaport. Rapaport, former president of IDT Spectrum, LLC, came up with a working, but illegal solution. First, IDT would build 1 actual, real system (we believe this is the system covering San Francisco-Oakland-San Jose in BEA163 filed on 7/28/10), get it renewed by the FCC, and use that paperwork as a template to make fillings in all the other 172 BEAs. This is acceptable, if IDT actually built the systems. But, IDT did not actually build most, if not all of the other 172 systems as required, but still filed the Required Notification of Construction/Coverages falsely asserting that they did build them. The FCC, lacking the manpower to inspect each and every application, and having a trust-based license renewal process, approved those licenses for renewal, and IDT got almost all of their licenses renewed cross-country. This was quite unusual, because the other large holders of 39 GHz licenses (FiberTower, Airband), attempted to renew but still failed to meet the substantial service requirements and let their licenses expire. In mid-2012, IDT and Rapaport had another similar problem. Rapaport, through his company Spectrum Holdings Technologies, LLC (“Spectrum Holdings”), acquired 200 licenses in 39 GHz from Level 3 and PTPMS Communications in 122 BEAs that were about to expire because the substantial service requirements were due on June 1, 2012. Spectrum Holdings was assigned ownership of these licenses on May 31, 2012. Amazingly, after just 12 days after getting the licenses, by June 12, 2012, Spectrum Holdings filed their Notifications of Construction/Coverage for every license. How did Spectrum Holdings build up systems in every state in the country in just 12 days? The answer is, they didn’t. Spectrum Holdings simply used the same template as IDT, used find/replace in a word processor to change IDT to Spectrum Holdings, left the rest of the specifications and locations of the site exactly the same, and got these new licenses approved. Problem solved. In 2013, Spectrum Holdings assigned their licenses to Straight Path Communications, who also now owns the former IDT Spectrum licenses. The FCC is very clear on the requirements for construction/coverage and substantial service, it is not a theoretical exercise for potential or hypothetical signals coming from a proposed system. At the time of the filing, the system must be broadcasting and operational. If IDT and Spectrum Holdings renewed their

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39 GHz licenses under the fraudulent misrepresentation that the systems existed and met the requirements when in reality they did not, then their licenses should never have been renewed in the first place and should now be taken away from them now. Plus, there is the tiny issue about lying to the Federal Government, who, like most people, does not like being lied to. In this report, we show evidence that many, if not all of the 39 GHz system sites that IDT/Spectrum/Straight Path purported to build were never built nor operating to the required performance specifications to meet substantial service. We were not able to check or prove that each and every site was fictional. However, because we believe almost every single Required Notification filing was fraud, we are confident that anyone who investigates a random sample of 10 sites purported to be built will discover the truth that they never existed. In the appendix, we present a full list of the relevant FCC Universal Licensing System (ULS) Application file numbers so that readers, investors, and the FCC can verify our claims for themselves.

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Example #1 IDT Spectrum, LLC Application File #0004842980, Call Sign WPQV276, North Platte, NE, BEA121 Let’s start with a look at the Substantial Service Notification Application of IDT Spectrum, LLC, filed on August 17, 2011, found using the FCC ULS Application website:

Source: FCC Universal Licensing System, #0004842980 The actual filing that IDT submitted claiming to demonstrate construction of the wireless system is below, and is an attachment under the Admin tab on the FCC website:

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Source: Substantial Service Application for IDT Spectrum for call sign WPQV276 The details of how the substantial service was demonstrated is below. With the purported system IDT covers 45,926 people or 73.34% of the population in BEA121. The system hardware is a “Tx Power Modified Digital Microwave XP 4 (Avago 6442 in parallel), with a strength of 33 dBm. Both locations have an Rx Threshold (1Mb/s data rate) of -90 dBm. The Hub Antenna gain is 40 dBi, and the Remote Antenna gain (quad 2 foot antenna array) is 48 dBi.”

Source: Substantial Service Application for IDT Spectrum for call sign WPQV276

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The Friis Transmission Equation calculations in logarithmic form for this particular site is below. This just says that at the maximum radius of 52.8 miles around the site, receiving antennas can get at least -90 dBm or 1 picowatt of power from the transmitting antenna signal.

Source: Substantial Service Application for IDT Spectrum for call sign WPQV276 The transmitting hub is located in North Platte, NE, at the 3201 S. Jeffers, North Platte, NE address and (41.105006, -100.762986) latitude/longitude specified in the filing.

Source: Substantial Service Application for IDT Spectrum for call sign WPQV276 IDT included a helpful map showing the vast 52.8 mile radius coverage of their system.

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So theoretically, based on the filing’s claims, IDT’s system provides substantial service to BEA 121 and they should get the license renewed for the 39 GHz license there. And the FCC did renew this license on 11/8/11. So what is fishy about this filing, and why do we believe that IDT never actually built the system, much less have it operating and performing as they claim? The North Platte, NE site cannot be, and was never used for IDT’s system We can see what the site looks like in person, thanks to Google Maps Street View:

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Source: Google Maps Street View, location (41.105006, -100.762986) If you pan around, you can see that all the buildings are 1 story tall (15 feet), and there are no cell phone towers or tall structures over 5 stories tall in the immediate vicinity. Giving IDT the benefit of the doubt, even if IDT’s site location was mistyped and they didn’t build a tower on top of the Overland Trails Boy Scouts Service Center, the maximum height of the antenna is around 75 feet tall. We checked a random sampling of multiple sites that IDT claims to be built, and never found any evidence that systems were built (except for the San Fran and New York exceptions). This is relevant, because at 75 feet high, the maximum distance to the horizon is only 10.6 miles. However, in the filing the signal range radius claimed by IDT is 52.8 miles. This is from an antenna powered at 33 dBm, or 2 watts. To compare, a normal cell phone device has power of 1-2 watts. A really tall cell tower has a max range 45 miles but using 10 watts and at under 3 GHz frequencies. Could IDT really have transmitted at 1/10 the power level of a cell phone tower a signal at 1 Mbit/second 52.8 miles away? Unless IDT built an 1,845 foot tall structure (50% higher than the Empire State Building!) and placed their transmitting antenna on top of it, it was impossible for IDT to provide substantial service in 39 GHz for this site at a 52.8 mile radius around it. If the antenna was only 75 feet tall, and the coverage radius is decreased to 10.6 miles, the much smaller area could cause the population covered to fall below 20% of the area and the license to be rejected for renewal. We believe this is further evidence that IDT was gaming the system by stating coverage radii that are so large to be completely unrealistic just to get the license renewed. Not only is the system’s claimed performance an impossibility that violates the laws of geometry (and physics as propagation for 39 GHz is 1-2 kilometers), IDT never leased space there to place their antennas and equipment. So did IDT really built their wireless 39 GHz system as stated on their application that led to the renewal of their 39 GHz licenses in BEA 121, North Platte, NE? Almost certainly they did not build anything, much

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less a working wireless point-to-multipoint system, and if they did not build an operating system, then they committed outright fraud against the FCC.

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Example #2 IDT Spectrum, LLC Application File #0004752746, Call Sign WPQU881, Twin Falls, ID, BEA149 Let’s look at another site IDT claims to have built and operating on 6/6/11, the Twin Falls, ID BEA149 site. For the Twin Falls, ID location, the demonstration of Construction/Coverage filing, is very similar and in fact comes from the same template as the North Platte, NE filing.

Source: Substantial Service Application for IDT Spectrum for call sign WPU881 This particular filing template is used over and over again by IDT and Spectrum Holdings to get almost all of their 173 BEA 39 GHz license renewals, with the exception of the 8 point-to-point links locations, and the 2010 filing for San Francisco-Oakland-San Jose in BEA163, which we will discuss later. The site is located at 115 Addison Avenue, Twin Falls, ID (42.563362, -114.479642), and has a radius of 33.5 miles.

Source: Substantial Service Application for IDT Spectrum for call sign WPU881 This is what the site looks like in person:

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Source: Google Maps Street View, location (42.563362, -114.479642) There are no buildings around higher than 5 stories tall, no cell phone towers are large structures to place an antenna. But, to get a radius of 33.5 miles, IDT would have to put the antenna 750 feet high, or 75 stories, above the ground. Maybe IDT built a really tall tower on top of the supermarket or Jiffy Lube nearby?

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Example #3 49 IDT sites over 30 miles radius Just based on the physics and geometry alone, it is easily proved that all of the 49 IDT filings of demonstration of construction/coverage that claim a coverage radius over 30 miles has to be fabricated. Below is a list of FCC Application file numbers for IDT Spectrum, LLC that have radius over 30 miles, and leave the discovery of the truth behind this sites to the reader. IDT Spectrum, LLC Construction/Coverage filings that are likely fabricated, claimed radius over 30 miles (FCC application file numbers)

0004421791 0004752746 0004810114 0004839003 0004856545

0004421826 0004752753 0004810121 0004839006 0004856552

0004421857 0004752756 0004827250 0004839009 0004856555

0004422168 0004777416 0004827270 0004839013 0004864486

0004423636 0004810073 0004833949 0004839017 0004897958

0004662763 0004810089 0004838988 0004839020 0004897962

0004680471 0004810095 0004838991 0004842980 0004897965

0004706971 0004810099 0004838994 0004856533 0004897968

0004706978 0004810104 0004838998 0004856537 0004897972

0004752739 0004810111 0004839000 0004856542

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Errors and typos in IDT’s and Spectrum Holdings expose a copy-paste, find-replace process of “robo-filing” IDT Spectrum, LLC Application File #0004688413, Call Sign WPQU240, New York-No. New Jer.-Long Isl, BEA010 The system that IDT claims to have built on top of the IDT Corporation headquarters building at 520 Broad Street, New Jersey, NJ, is a case of where their find/replace, copy-paste system of “building” sites goes wrong and is more evidence of falsifying documents. Below is the first demonstration of construction/coverage filing IDT made for their BEA010 site, first filed on 4/13/11:

Source: Substantial Service Application for IDT Spectrum for call sign WPQU240 Notice in the yellow highlights and bracketed comments, that whoever wrote this filing forgot to find/replace the location from the San Francisco-Oakland-San Jose filing, as well as changing the language from “rural areas”, which are not really application for New York.

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We also see the specs of the system and more comments about possible errors in the filing. Notice the stated Hub TX Power of 20 dBm and the radius of 21 miles.

Source: Substantial Service Application, initial, for IDT Spectrum for call sign WPQV276, 4/13/11 So this filing, with the highlighted comments and errors, stayed in the FCC system from 4/13/11 until 6/23/11, when IDT realized their mistakes and then filed amendment #1 on 6/23/11, and then amendment #2 on 7/21/11. If you look at amendment #2’s filing’s system specifications and radius, you can see that IDT changed the power from 20 dBm to 33 dB and added the Link Margin Friis calculation, in-line with the standard filing template, and the radius was decreased from 21 miles to 14.9 miles.

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Source: Substantial Service Application, amendment #2, for IDT Spectrum for call sign WPQV276, 7/21/11 We believe that these amendments and changes to the filing indicate the easily-made word processing errors inherent in the process of fabricating most of the 173 substantial service demonstration requirements. On the other hand, of all the 173 sites IDT claims to have built, the New York site is probably the only 1 other actual site actually built, in addition to the first site for San Francisco-Oakland-San Jose in BEA163. The reason is because this location is at IDT Corporation headquarters, which IDT Spectrum obviously has access to and permission to place antennas and equipment on the roof. However, the errors seen in the initial filing come from trying to adapt a falsified template method (thus the copy-paste errors), with the actual specs of the system that the engineers may have designed and built. The site covering San Francisco-Oakland-San Jose in BEA163, file #0004338108, being the first filing and at the location for Endgate Associates/Doug Lockie residence/office, may also be a real site because IDT Spectrum would have access to the building and permission to put an antenna on it.

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Economic and common sense reasons why IDT Spectrum didn’t build out 173 wireless sites Besides the already overwhelming evidence already supporting our thesis that IDT Spectrum falsified their construction/coverage requirements and didn’t actually build the systems, we list here some further reasons why the sites are largely fictional As these reasons are mostly common sense, we simply state them here and leave the exercise of verification to the readers, investors, and the FCC.

1. On October 13, 2010, Michael Rapaport signed the “Spectrum Portfolio Agreement” with IDT for his profit sharing and development cost sharing for getting IDT’s 39 GHz licenses renewed. By November 29, 2011, or just 13 months later, how was he able to build out 173 wireless sites? Note that Rapaport stated that he was working primarily by himself and subcontractors to find potential locations for the sites, negotiate with the multiple parties involved (building owner, land owner, local municipalities) to place an antenna on a roof, hire a firm to climb on the roofs of the hotel/office building/residential house/apartment, install and configure the antenna,

2. According to the court filings of the IDT Corporation v. Rapaport litigation, Rapaport spent just $700,000 developing, renewing and building out the “substantial service” required for all 173 IDT sites and 122 Spectrum Holdings sites? Even if IDT shouldered 82% of the costs, according to the Spectrum Portfolio Agreement, that gives a total cost for development of $3.9 million dollars, way too small for the number of sites, difficult geographies, and short time required. FiberTower claims a similar project would have cost them $10-12 million.

3. The costs of development and ongoing lease sites for IDT’s 173 “buildouts” do not appear anywhere in the SEC filings’ financial statements in any year between 2002-2015 of IDT Corporation, the S-1 IPO prospectus of IDT Spectrum, or Straight Path Communications. The costs of building the sites out and the ongoing lease expenses (usual telecom rooftop lease is 5-25 years) would either be expensed or capitalized and show up in the financials.

4. The lawyers (Wilkie Farr & Gallagher LLP) and IDT employees (Greg Haledijian, Joseph Sandri, Jr.) who had historically signed off on IDT Spectrum, LLC’s FCC filings (see file #0003401972 for example), did not sign any of IDT’s construction/coverage filings. Instead, Michael Rapaport is the sole signer of the construction/coverage filings, a red flag that perhaps the company’s legal counsel was not comfortable with putting their name behind the filings, which are largely misrepresentations.

5. How come IDT was the only large holder of 39 GHz spectrum that could meet the substantial service requirements and renew their licenses before the June 1, 2012 date? The answer is that IDT never actually constructed anything. This is not fair to FiberTower, Airband, and other companies who made bona fide attempts to keep their spectrum, but were rejected by the FCC and their licenses were terminated. If the systems weren’t built and operating, IDT’s current ownership of 39 GHz spectrum is misappropriation of US Government assets under false pretenses, and the licenses should be stripped from them and given back to the FCC.

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Compare IDT’s sites to real sites that other companies are operating real sites in 39 GHz Out of the 2,422 total potential 39 GHz licenses, we did find 16 construction filings made by other companies that appear to be legitimately constructed. The reasons why we think they are legitimate is because the radius of coverage is under 20 miles, and the locations are found in a centralized area usually on company property. It is easy and cheap to put a 39 GHz antenna on your own property in a single city. It’s not that easy to build them in 173 locations across the country. Here, we give a single example of Nextlink’s location in San Francisco-Oakland-San Jose BEA163 to show what a real site looks like. Nextlink Wireless, LLC #0005333354, call sign WPQT940

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Source: Substantial Service Application for IDT Spectrum for call sign WPQT940 In person Street View:

Source: Google Maps Street View, location (37.49156, -121.93112) Notice that the building location’s address and latitude/longitude is at the XO Communications building, the parent of Nextlink Wireless. In contrast, IDT’s sites, at the hotels, apartment buildings, and commercial buildings are not IDT-owned property. Also note that their lawyers signed off on the filing. Also note that their antennas are directional, not perfect circle radius like IDT’s systems. Here is the location of PVT Networks, Inc.’s site, filing #0005209965, in Hobbs, NM BEA 136

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Source: Google Maps Street View, location (32.840777, -104.446122) Notice that antennas, communications structures, and other wireless equipment is visible and clearly operating. IDT’s sites have no visible wireless equipment. Below is a list of the 16 file numbers of the construction/coverage notifications of successfully renewed 39 GHz licenses for other companies, and leave verification to readers, investors, and the FCC. Other companies Construction/Coverage fillings that are likely to be real (FCC application file numbers)

0004370667 0005333354

0005209965 0005333357

0005239239 0005333367

0005262086 0005333399

0005262094 0005333406

0005262100 0005333412

0005262106 0005333446

0005262140 0005358151

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Conclusion

The truth about Straight Path’s licenses and the false construction/coverage claims will eventually come

out from the source. The fraud is just too massive, too spread out, and too easily verifiable. If the

individuals and corporations involved attempt to cover up the truth, they will just compound their

mistakes. Lying to the Federal Government is already really bad, covering it up is even worse. We

recommend any individuals involved to come clean to the FCC and other regulatory bodies immediately.

As short sellers, we have economic incentives in seeing Straight Path’s stock decline. But we aren’t doing

this solely for the money. Like police detectives, who earn a living by making our society a better place,

we also are paid to illuminate the truth, expose fraud, and uphold justice.

Despite the debate, uproar and controversy that will erupt after the claims of this report are verified,

please keep in mind that short selling is good for investors, good for the markets, and ultimately good

for America.

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Appendix IDT Spectrum, LLC Construction/Coverage fillings that could be real (FCC application file numbers)

0004338108

0004688413 IDT Spectrum, LLC Construction/Coverage filings that are likely fabricated (FCC application file numbers)

0004897946 0004745865 0004897962 0004658529 0004839020

0004685093 0004745869 0004777405 0004680474 0004915447

0004685097 0004745873 0004856552 0004658542 0004862085

0004685106 0004745877 0004810121 0004897968 0004648719

0004685109 0004897950 0004777413 0004838988 0004435879

0004685113 0004813950 0004777416 0004838991 0004752739

0004680426 0004745885 0004741287 0004838994 0004752743

0004680431 0004856533 0004741293 0004838998 0004752746

0004827270 0004813952 0004777422 0004839000 0004752749

0004685118 0004897955 0004777425 0004839003 0004642148

0004685122 0004856537 0004777428 0004839006 0004810089

0004668095 0004680440 0004777432 0004839009 0004831063

0004810070 0004658411 0004777437 0004839013 0004650362

0004810073 0004658422 0004777444 0004839017 0004833949

0004813945 0004658426 0004777450 0004842980 0004642151

0004813948 0004658433 0004777454 0004706971 0004650370

0004810080 0004658437 0004777459 0004707033 0004642159

0004810099 0004856542 0004777463 0004707047 0004642168

0004810104 0004680445 0004777468 0004707088 0004642131

0004810111 0004680452 0004768072 0004833945 0004642137

0004745853 0004680459 0004768057 0004706978 0004668110

0004810114 0004903290 0004768077 0004703984 0004642154

0004745856 0004662763 0004768054 0004703992 0004810095

0004742824 0004662774 0004897965 0004703998 0004757532

0004742827 0004680467 0004764205 0004704010 0004757524

0004745860 0004680471 0004764196 0004704023 0004752753

0004742830 0004662787 0004768061 0004704064 0004752756

0004742833 0004658469 0004768046 0004704435 0004757514

0004742839 0004827256 0004856555 0004704583 0004864485

0004742848 0004827250 0004658493 0004704601 0004897972

0004741272 0004658480 0004658466 0004704613 0005148642

0004741267 0004658489 0004658507 0004696422 0004742811 0004897958 0004658510 0004642144 0004741277 0004856545 0004658514 0004696403 0004741281 0004777397 0004658520 0004696369

Page 23: Straight Path Communications Inc. (STRP)...Modified Digital Microwave XP 4 (Avago 6442 in parallel), with a strength of 33 dBm. Both locations have an Rx Threshold (1Mb/s data rate)

23

Spectrum Holdings Technologies, LLC filings that are likely fabricated (FCC application file numbers)

0005250387 0005253960 0005242585 0005250331 0005242565

0005251392 0005253964 0005254012 0005256349 0005258479

0005251519 0005251731 0005251832 0005256350 0005256358

0005242570 0005251738 0005256326 0005251876 0005242574

0005250388 0005251744 0005254014 0005254033 0005242572

0005251579 0005251749 0005250330 0005251878 0005250348

0005250415 0005253966 0005254015 0005251880 0005258780

0005253951 0005250490 0005254018 0005254035 0005242556

0005251589 0005253969 0005256329 0005256351 0005242559

0005251595 0005256324 0005256331 0005254027 0005251937

0005250344 0005251772 0005256334 0005254038 0005250482

0005242579 0005253973 0005254021 0005242586 0005251988

0005253955 0005253976 0005256335 0005254041 0005254048

0005253958 0005253979 0005256337 0005250345 0005251993

0005250426 0005253981 0005254023 0005256356 0005256360

0005253961 0005253984 0005256347 0005258452 0005254050

0005253962 0005253986 0005251838 0005258456 0005250309

0005251698 0005251780 0005254025 0005258470 0005254053

0005251703 0005253987 0005254028 0005258476 0005251997

0005251711 0005250326 0005256348 0005251923 0005258781

0005250448 0005253989 0005251845 0005254043 0005256361

0005267236 0005253992 0005254031 0005256357 0005258784

0005250469 0005251800 0005251858 0005254045 0005258427 0005242568 0005251865 0005242582 0005253963 0005253994 0005258445 0005242561