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By NEW YORK TIMES NEWS SERVICE | March 20, 2004
Investors and former workers who lost money and their pensions in the 2002 collapse of Global Crossing Ltd., the telecommunications company, is to receive $325 million in a settlement of a class action lawsuit reached late yesterday. Gary Winnick, the founder and former chairman of Global Crossing, which spent $15 billion circling the globe with a state-of-the-art fiber-optic network, is to contribute $30 million to the settlement. Simpson Thacher & Bartlett, Global Crossing's law firm, is to pay $19.5 million, even though the firm was not named as a defendant.
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BUSINESS
By SUZANNE COSGROVE and SUZANNE COSGROVE,CHICAGO TRIBUNE | March 26, 2006
Much has changed in corporate America since Enron Corp. imploded in 2001, including a raft of new regulations to try to prevent fraud, but some of its most painful lessons may have been lost on investors. Despite many Enron workers losing sizable nest eggs when the company went bankrupt - and the constant drumbeat from financial advisers on the benefits of diversification - it appears many employees of large firms are continuing to pack their 401(k) plans with company stock. David Wray, president of the Profit Sharing/401(k)
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BUSINESS
By BLOOMBERG NEWS | September 3, 1999
ROCHESTER, N.Y. -- Frontier Corp. accepted a revised $10 billion acquisition offer from Global Crossing Ltd., salvaging a purchase that was threatened by a plunge in the shares of Global, a 2-year-old phone company.Global Crossing agreed to pay 2.05 shares for each Frontier share, a 12 percent increase to $49.20 a share based on Wednesday's closing price. Global Crossing's shares have tumbled 50 percent in the past three months, slashing the value of the original transaction by about $3.4 billion.
BUSINESS
By JAY HANCOCK | March 27, 2005
THE MARCH 3, 2000, edition of Wall Street Week with Louis Rukeyser, taped in Owings Mills and seen by perhaps 2 million people, was not its best. Julius Westheimer, a broker at Ferris, Baker Watts who once wrote a column for The Sun, said he was short-term bearish on stocks but recommended Intel (which fell 75 percent in less than three years before recovering somewhat); Cisco (down 80 percent); Home Depot (down 60 percent); AOL and Time Warner, which would disastrously merge; and Coke and Gillette, which did better.
BUSINESS
By BLOOMBERG NEWS | December 24, 2002
LOS ANGELES - Global Crossing Ltd., the bankrupt fiber-optic network operator that once had a $38.9 billion market value, won't face U.S. criminal charges over its accounting practices, according to people close to the investigation. Prosecutors were investigating a former Global Crossing official's claims that executives overstated revenue and misreported costs. The U.S. attorney's office in Los Angeles, which also explored document-shredding allegations, decided there's insufficient evidence for criminal charges, the people said.
BUSINESS
By BLOOMBERG NEWS | September 17, 2002
NEW YORK - Global Crossing Ltd. filed a plan yesterday to emerge from bankruptcy based on the sale of a majority stake in the fiber-optic network operator for $250 million. The Hamilton, Bermuda-based company filed for Chapter 11 protection in January after amassing $12.4 billion in debt building a 100,000-mile fiber-optic network in 27 countries. The company listed $22.4 billion in assets in its bankruptcy filing. Its recovery proposal is based on the sale of a 61.5 percent stake to Hutchison Whampoa Ltd. and Singapore Technologies Telemedia PTE for $250 million.
BUSINESS
By BLOOMBERG NEWS | January 1, 2003
MADISON, N.J. - Global Crossing Ltd. named Myron Ullman and Jeremiah Lambert co-chairmen of the bankrupt fiber-optic network operator yesterday after the resignation of founder Gary Winnick. Lambert, 68, and Ullman, 56, joined Global Crossing's board in April as the company, accused of inflating sales, tried to bolster investor confidence by adding independent directors. Winnick, whose sales of $578 million of company stock were the subject of a congressional probe this year, announced his departure yesterday.
BUSINESS
By BLOOMBERG NEWS | May 18, 1999
NEW YORK -- Global Crossing Ltd., a 2-year-old company that is building an undersea global phone network, and U S West Inc. said yesterday that they will merge in a $37 billion deal to rival the largest U.S. phone companies.The new company will have two stocks, one to track its long-distance and Internet units and another for a local phone business.Each share of U S West will be exchanged for 1.2 shares of either of the new stocks, valuing U S West at $72.30 a share, a 16 percent premium.
BUSINESS
By BLOOMBERG NEWS | June 23, 1999
DENVER -- Qwest Communications International Inc., which is battling Global Crossing Ltd. for U S West Inc., is under pressure to sweeten its $38.6 billion bid after the local phone company rejected the offer, analysts said yesterday.U S West said it will stick with Global Crossing's $36.9 billion offer, citing concern over the 18 percent drop in Qwest's shares since the offer was unveiled June 13. Qwest, the No. 4 U.S. long-distance carrier, urged the company to enter negotiations. U S West said it will continue to watch Qwest's stock.
NEWS
By NEW YORK TIMES NEWS SERVICE | June 14, 1999
Making the brashest telecommunications move in years, Qwest Communications International Inc., a young, high-flying communications carrier, said yesterday that it was making a hostile $55 billion bid to acquire US West Inc., the old local phone giant, and Frontier Corp., one of the nation's biggest long-distance companies.Qwest is trying to take US West and Frontier, formerly Rochester Telephone, from one of its main rivals, Global Crossing Ltd. of Bermuda. Like Qwest, Global Crossing has built a billion-dollar business in recent years by exploiting the surging worldwide demand for electronic communications.
BUSINESS
By BLOOMBERG NEWS | December 24, 2004
WASHINGTON - The U.S. Securities and Exchange Commission dropped a claim against Walt Disney & Co. Chief Executive Officer Michael D. Eisner, freeing him from a settlement the company reached with the agency this week over disclosure violations, people familiar with the matter said yesterday. Eisner and the SEC staff had reached an accord in which he took blame for not telling investors the company had business ties to some directors, said the sources, who asked not to be named. The agreement didn't involve a fine and called for Eisner to refrain from violating securities laws, the sources said.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | March 20, 2004
Investors and former workers who lost money and their pensions in the 2002 collapse of Global Crossing Ltd., the telecommunications company, is to receive $325 million in a settlement of a class action lawsuit reached late yesterday. Gary Winnick, the founder and former chairman of Global Crossing, which spent $15 billion circling the globe with a state-of-the-art fiber-optic network, is to contribute $30 million to the settlement. Simpson Thacher & Bartlett, Global Crossing's law firm, is to pay $19.5 million, even though the firm was not named as a defendant.
BUSINESS
By BLOOMBERG NEWS | January 1, 2003
MADISON, N.J. - Global Crossing Ltd. named Myron Ullman and Jeremiah Lambert co-chairmen of the bankrupt fiber-optic network operator yesterday after the resignation of founder Gary Winnick. Lambert, 68, and Ullman, 56, joined Global Crossing's board in April as the company, accused of inflating sales, tried to bolster investor confidence by adding independent directors. Winnick, whose sales of $578 million of company stock were the subject of a congressional probe this year, announced his departure yesterday.
BUSINESS
December 31, 2002
In The Region CompuDyne warns that fourth quarter won't meet estimates CompuDyne Corp., a maker of security systems, said yesterday that fourth-quarter profit will be less than expected because expenses rose for several projects. The current period will be "only nominally profitable," the Hanover-based company said in a statement. CompuDyne spokeswoman Maggie Johns refused to give a specific number. The company, which hasn't provided a per-share earnings estimate for the quarter ending today, cut its profit forecast for 2002 to 45 cents a share, from 60 cents, during the third quarter, Johns said.
BUSINESS
By BLOOMBERG NEWS | December 24, 2002
LOS ANGELES - Global Crossing Ltd., the bankrupt fiber-optic network operator that once had a $38.9 billion market value, won't face U.S. criminal charges over its accounting practices, according to people close to the investigation. Prosecutors were investigating a former Global Crossing official's claims that executives overstated revenue and misreported costs. The U.S. attorney's office in Los Angeles, which also explored document-shredding allegations, decided there's insufficient evidence for criminal charges, the people said.
BUSINESS
By Elizabeth Douglass and Elizabeth Douglass,SPECIAL TO THE SUN | October 2, 2002
A pledge by Global Crossing Ltd. Chairman Gary Winnick to cover the losses of employees who invested in company stock was welcomed by some yesterday, but others said the surprise gesture would do little to placate angry workers, shareholders and creditors. Winnick made the $25 million offer during five hours of harsh questioning from federal lawmakers, who were focused on allegations that Global Crossing used improper accounting to hide the company's precarious financial condition from the public while insiders, including Winnick, reaped millions through stock sales.
BUSINESS
By Elizabeth Douglass and Elizabeth Douglass,SPECIAL TO THE SUN | October 2, 2002
A pledge by Global Crossing Ltd. Chairman Gary Winnick to cover the losses of employees who invested in company stock was welcomed by some yesterday, but others said the surprise gesture would do little to placate angry workers, shareholders and creditors. Winnick made the $25 million offer during five hours of harsh questioning from federal lawmakers, who were focused on allegations that Global Crossing used improper accounting to hide the company's precarious financial condition from the public while insiders, including Winnick, reaped millions through stock sales.
BUSINESS
By BLOOMBERG NEWS | June 24, 1999
DENVER -- Qwest Communications International Inc., the No. 4 U.S. long-distance phone company, sweetened its offers to buy U S West Inc. and Frontier Corp. yesterday to $54.3 billion from about $41.5 billion, increasing the odds the companies will break their agreements with Global Crossing Ltd."This dramatically increases the likelihood that Qwest prevails," said Daniel Zito, an analyst at Legg Mason Wood Walker Inc.Qwest said it would pay $69 a share in stock for U S West, which provides local phone services in 14 Western states, and $68 a share in cash and stock for Frontier, the No. 5 long-distance carrier.
BUSINESS
By BLOOMBERG NEWS | September 17, 2002
NEW YORK - Global Crossing Ltd. filed a plan yesterday to emerge from bankruptcy based on the sale of a majority stake in the fiber-optic network operator for $250 million. The Hamilton, Bermuda-based company filed for Chapter 11 protection in January after amassing $12.4 billion in debt building a 100,000-mile fiber-optic network in 27 countries. The company listed $22.4 billion in assets in its bankruptcy filing. Its recovery proposal is based on the sale of a 61.5 percent stake to Hutchison Whampoa Ltd. and Singapore Technologies Telemedia PTE for $250 million.
BUSINESS
By BLOOMBERG NEWS | July 21, 2002
WASHINGTON - U.S. corporate bankruptcies are headed for a second-straight record year after filings by Adelphia Communications Corp., Global Crossing Ltd. and Kmart Corp. Last year, 255 publicly traded companies, led by Enron Corp., put $260 billion of assets under court protection, almost triple the record that stood for a decade. This year, 113 companies with $149 billion in assets have filed, according to BankruptcyData.com. WorldCom Inc., which listed $103.8 billion in assets in a Securities and Exchange Commission filing in May, might seek Chapter 11 protection after hiding costs to boost profits.
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