Clearwire – two kinds of shares

Clearwire went public and raised $600M and they need even more working capital in the next year. I am pretty neutral on their prospects but what bothers me is their two tiered system of shares. I don’t understand how companies in today’s climate of corporate governance are still allowed to have two classes of shares like Clearwire does. It really makes the company not a public company in my mind as the share holders cannot effect change at the company. Why is this still allowed?

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