Different states have different rules regarding who can invest in such deals such as establishing minimum net-worth requirements, or making investors submit to background checks and those hurdles made it harder to sell IPO shares, he said.

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Hedge funds constitute private pools of capital, with investors meeting certain net worth or sophistication requirements.

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That can include state-mandated pricing, plus licensing, and requirements for a minimum net worth.

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Money market mutual funds are exempt from SEC requirements that mutual funds maintain floating net asset values.

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Because they have counted this as a cost, they say that minimum capital requirements should be calculated on the basis of credit-card assets net of expected losses.

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Sprint intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, redemptions or service requirements of outstanding debt, network expansion and modernization and potential funding of Clearwire Corporation and its subsidiary Clearwire Communications LLC.

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