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  • From: <mdthomas AT mindspring.com>
  • To: InterNetWorkers <internetworkers AT franklin.metalab.unc.edu>
  • Subject: Re: heard of Global Crossing?
  • Date: Wed, 13 Mar 2002 11:30:57 -0500



>i wonder who is carrying the burden of
>all these failed companies?

1) The people who bought the stock at or near the top and then
couldn't bear to sell (or in many cases anyone that ever bought the
stock and chose to hold on);
2) The employees/stakeholders that mistakenly believed that they
were working for/with a 'real' company. For instance, the coffee
distributor for Enron who saw over half of his business go away
in a few months and is now in line with the rest of the creditors.
If he was comfortable getting a mortgage, buying a boat, etc., based
on his good business with Enron, he is really feeling the shaft
now.
3) The government(s) -- lost tax revenue.
4) ...and all of those who were trickled down upon.

---
http://www.latimes.com/business/la-013002global.story
"A finance executive at ailing Global Crossing Ltd. warned the firm's top
attorney in August that the company's financial condition was being enhanced
with misleading accounting techniques"

http://www.internetnews.com/bus-news/article/0,,3_962491,00.html
"New York Stock Exchange officials told Asia Global Crossing executives they
were not in compliance with listing standard, which require all
publicly-traded
companies to maintain a minimum $1 price per share. The carrier has 60 days
to
"demonstrate compliance" or be de-listed."

http://www.drudgereport.com/mattgcc.htm
"ENRON-stung GOPers are discreetly eyeing the collapse of GLOBAL CROSSING
[which
on Monday became the 4th largest bankruptcy in history] and its Chairman Gary
Winnick, a top Democrat donor who helped DNC head Terry McAuliffe turn a
$100,000 stock investment -- into $18,000,000!"

http://www.wired.com/news/business/0,1367,50114,00.html
"In 1998, Winnick paid what is believed to be the highest price ever for a
single-family home in the United States. He spent more than $60 million for a
four-acre estate in Bel Air, a tony neighborhood in Los Angeles, and then
continued with some $30 million worth of renovations. "Money's no fun unless
you spread it around," he told Business Week in 2000."
---
all of those links point to free information, by the way.
drm
___ _ _____ . ....
m a h t o o z e e a c k a t s p e e k e e z e e d o t n e t
------ / / ......... . . .



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