Posted on 08/12/2002 5:24:39 PM PDT by wiseone
Edited on 08/12/2002 5:58:43 PM PDT by Admin Moderator. [history]
Hutchison Whampoa, the mammoth company that runs the Panama Canal and has close ties to the Chinese army, has a new rhinestone in its crown: Global Crossing.
Along with another Asian company, Singapore Technologies, it paid $250 million today for the bankrupt fiber-optic network company - a third of the original offer.
"An outside financial adviser to Global Crossing who was called to testify at a hastily scheduled hearing early Friday said only three credible bids had been received during a lengthy auction process and that bidders were spooked by the ongoing collapse of the business," the Associated Press reported.
"It's a very difficult world today in the telecommunications industry," said Arthur Newman, the senior managing director in charge of the restructuring for Blackstone Group.
The Asian companies agreed to invest $250 million in Global Crossing's business, and to pay $300 million in cash and issue $200 million in notes to its creditors.
"The investors will hold a controlling 61.5 percent stake in the new Global Crossing that emerges from bankruptcy, possibly early next year," AP said.
Global Crossing is the fourth-largest bankruptcy in U.S. history.
Observations:
A Chinese company with ties to the Red Army snaps up the company known for its fishy ties with Democrat national chairman Terry McAuliffe, Bill Clinton's boy.
Clinton was notorious for the payments he received from the Chinese.
Thanks to an insane giveway by another Democrat president, Jimmy Carter, Hutchison Whampoa controls the Panama Canal.
Why has Hutchison Whampoa's purchase of Global Crossing received almost no media attention?
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Hmmmm
A subsidiary of Singapore Technologies, Vision Technologies Kinetics of Virginia purchased at auction for $66M, Halter Marine on the Gulf coast, which was sold due to bankruptcy.
Halter Marine (actually Friede Goldman Halter) has contracts to build Egyptian military vessels, but more importantly, US Army vessels!
When shall we become concerned?
Winnick pulled $735 million out of GX for himself. CIBC netted over $1.2 billion playing the stock all the way to the basement.
Guess who is one of the largest shareholders of the Canadian Imperial Bank of Commerce?
Li Ka-shing, the chairman of Hutchinson-Whampoa.
lol...they are late as it is. Probably thinking of a reason why Winnick and his Drexel pals really are not connected to Hutchinson-Whampoa.
Actually, we bring class, knowledge, and a Conservative POV to any thread in which we participate. Unlike the lefty swill and off-topic rantings that are your speciality.
Thanks for the update Mr. Lied. I'm busy watching the McKinney race, the war on terrorism, hideous homicide bombers etc., the stats on the upcoming elections and taking back the Senated. We all have different interests.
Why this subject doesn't interest MANY is a mystery to me. It should, the American inheritance is being STOLEN right before everyone's eyes. But, I am the worst, WORST judge of public sentiment.
Just four years ago - to the week? - I watched all four hours of Clinton's Grand Jury testimony, and immediately cut off the television, thinking, it's over, it's finished, it's curtains for Clinton. Five hours later I turn on the radio and hear this news reader announce that, most people think that Cinton should be "left alone" and that his "performance before the Grand Jury" probably saved his Presidency.
At that instant I'm in the middle of this hayfield, see. I brake, and actually bring to a halt the New Holland Haymaster I'm driving, audibly saying "Gawd Almighty".
This shouldn't have been a surprise because several years before, I had read this stunning passage - naive me - from Malcolm Muggeridge's Chronicles of Wasted Time.
"...when he was a member of the old Comintern, some stratagem was under discussion, and a delegate, a newcomer who had never attended before, made the extraordinary observation that if such and such a statement were to be put out, it wouldn't be true. There was a moment of dazed silence, and then everyone began to laugh. They laughed and laughed until tears ran down their cheeks and the Kremlin walls seemed to shake.... It is truth that has died not God.
Enjoying the laugh? :)
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