Intel Looks Cozy with Clearwire

It's impossible to know exactly what Sodhani's conflict involves, of course -- an Intel representative said Sodhani stepped down because his busy schedule at Intel meant he couldn't devote his full attention to Clearwire.

But the tea leaves provide some intriguing clues that point to alternative explanations.

Sodhani will be replaced on Clearwire's board by another, yet-to-be-determined Intel representative. And Intel mobility group manager David Perlmutter will retain his seat on Clearwire's board. This implies that the conflict may not be about Intel, so much as Intel Capital, and could suggest an imminent investment by Intel Capital.

And given that Intel Capital's recent string of overseas WiMax investments haven't triggered any conflicts of interest with Clearwire, the deal could be on U.S. soil, where Intel and Clearwire have plans to roll out a co-branded mobile WiMax service at some point in the future.

One potential scenario involves Intel boosting its funding to Clearwire itself. As the man who controls the purse strings for Intel Capital, a decision by Sodhani to provide more funding to Clearwire might have prompted him to step down from Clearwire's board, to avoid being on both sides of the deal.

Clearwire, with its stock down nearly 50% since July, could use all the help it can get. Its plans to erect a nationwide mobile WiMax network in the U.S. were recently frustrated when a deal to collaborate on the buildout with SprintNextel(S - Cramer's Take - Stockpickr) fell apart.