If the Deal Falls Through
The Department of Justice launched a gut punch of their own, deciding to sue against the AT&T and T-Mobile merger. This is quite an interesting move, considering how powerful AT&T is at lobbying, and the fact that the NBC and Comcast deal was allowed. AT&T supposedly has a 6 billion dollar repayment plan if the deal does not work out, with $3 billion in cash and the remaining $3 billion in spectrum. This sounds like good news for T-Mobile and most might think that if the deal fails, T-Mobile will successfully relaunch.
However, the $3 billion in cash will be needed just to rebuild the base of the company. Employees have left en masse, some in disgust at T-Mobile's tactics, others wanting a stable job. Key employees who manage the applications, the security and the engineering in place have left with middle managers scrambling to try to find replacements. To make matters worse, if T-Mobile recieves the $6 billion, Deutsche Telekom will most likely take the assets to use in their own endeavors, not waste in a company they want to get rid of.
If T-Mobile tried to spin off into their own public company, they wouldn't have the cash on hand to launch. Trying to gain investors will be tough, as T-Mobile has never built a reputation as a strong company. This is due to the horrid marketing team that was mentioned prior. Customer confidence has also gone down, due to the fact that not only did AT&T label T-Mobile as a non-competitor, but during the hearings, T-Mobile itself admitted that it cannot survive the 4G LTE revolution. Quite ironic, considering how hard the company tried to push their HSPA+ network as 4G.
In addition, there have been some interesting rumors that if the cost of meeting regulations is too high, AT&T may be able to get out of the deal without having to pay the full $6 billion dollars. If true, this is a huge failure of T-Mobile's legal department, not fully looking into each detail in the contract. Ultimately, if the deal falls through, it looks like a losing situation for T-Mobile.