[Elle Bee]

Link ?? Global {Double} Crossing, Terry McAuliffe and AFL- IPO

the Union Labor Life crowd seems to be stuck in Global Crossing ..... they took a huge hit at least $145 Million (on McAuliffe's advice?)

why do I find unsettling the image of Ken Lay, Martin Davis and Terry McAuliffe all together in Aspen ?

.

[eureka!]

"at least two officers have been subpoenaed to appear before a federal grand jury"

I found this tidbit new and interesting. GX is looking more and more like a 'Rat scam to fleece the investing public of a lot of dough...

[Grampa Dave]

Great find on the WSJ article on Double Crossing and how the union thugs may have gotten mugged by Double Crossing!

[Bayou City]

Good post.

[d14truth]

"Ullico's ties to Global Crossing were forged by a former Democratic National Committee official, Michael Steed, who had gone on to be director of investments for Ullico in the early 1990s."

I think the 'early' activities of Terry McAuliffe are somewhat understated here.

[aShepard]

Ullico's ties to Global Crossing were forged by a former Democratic National Committee official, Michael Steed, who had gone on to be director of investments for Ullico in the early 1990s. Mr. Steed had led Ullico investment in several private-capital deals including a Los Angeles real-estate partnership that involved, among others, Gary Winnick, the California-based financier who would later launch Global Crossing. When Mr. Winnick was looking for investors in Global Crossing in early 1997 he approached Mr. Steed. By that point, Mr. Steed had introduced Mr. Winnick to his friend from his days at the Democratic National Committee, Terry McAuliffe.

Lookie here:

From a Value America press release:

The company [Value America] appointed a special committee including FDX Chairman Frederick Smith, William Savoy, head of Paul Allen's Vulcan Ventures, Thomas Casey, vice-chairman of Global Crossing, and Michael Steed, managing director of Pacific Capital Group, to find new strategic opportunities for Value America.

And does anyone remember Pacific Capital Group???

From ITU website:

ITU was formed in January 2000 by Adam Winnick, Chad Brownstein and Jonah Schnel (Co-Founders, Managing Partners). The Company closed its first round of financing in April 2000. The $6.6 million Series A financing was led by PCG Ventures. PCG Ventures is the venture capital arm of Pacific Capital Group, the Beverly Hills-based merchant bank that established Global Crossing

Geeez! I just felt a couple of cockroaches scurrying across my legs!!!!
Wait a minute, they're all over me!!!

[Libloather]

Details of the grand jury inquiry weren't available Thursday.

Five-month-old news. Maybe next time they could specify WHICH Thursday - eh? Gotta bump this one...