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March 8, 2002 House Panel to Seek Global Crossing Documents By REUTERS Filed at 4:31 p.m. ET WASHINGTON (Reuters) - The U.S. House Energy and Commerce Committee plans to seek a wide range of documents from bankrupt Global Crossing Ltd., which filed for bankruptcy and is being probed for alleged accounting improprieties, a panel spokesman said on Friday. The committee plans to seek the documents from the company in a letter to be sent on Monday, said Ken Johnson, a spokesman for the panel, which is delving into the company. He declined to provide further details. The company declined to ...

Li Ka-Shing's ties to the Chinese army has Global Crossing shareholders and Congress crying foul. In February Li, a Chinese billionaire, together a $750 million offer to buy out the bankrupt telecom giant Global Crossing. However, the plan by the close associate of Chinese President Jiang Zemin has come under fire from inside Congress and from Global Crossing's creditors. Li faces competitive bids for Global Crossing made by AT&T and New York-based KAB Group LLC, which has filed an alternative plan on behalf of the shareholders that proposes to raise $5.5 billion over the next three years. However, the financial ...

For education and discussion only. Not for commercial use. BEVERLY HILLS, Calif. -- Global Crossing said Friday it will eliminate up to 1,600 more jobs, reduce executive salaries and close 71 offices in an attempt to reduce operating expenses by $600 million. The announcement is the latest attempt by the telecommunications company to stay afloat and satisfy creditors. The latest announced job cuts will reduce the firm's global work force from 15,000 at the beginning of 2001 to fewer than 6,000 by the end of March, the company said. The company filed for bankruptcy protection in January. It previously announced ...

At first glance, the financial collapse of Global Crossing Ltd. would seem a Republican windfall, a perfect counter to Democratic attempts to link the GOP to the implosion of Enron Corp. Just as Enron and its executives established close ties to many Republicans, including President Bush, so has Global Crossing proved generous to prominent Democrats. Terence R. McAuliffe, now chairman of the Democratic National Committee, invested $100,000 in Global Crossing stock and eventually realized a profit of "less than of $18 million," his aides say. In hiring lobbyists, the telecommunications company paid $2.5 million in stock and fees to Anne ...

Andersen has been stripped of business by two more giant US companies, raising concerns about the firm's ability to survive as one of the world's biggest accounting groups in the wake of the Enron scandal. Freddie Mac, the US housing finance institution and one of Andersen's largest clients by revenues, said on Wednesday it was switching auditors for the first time in its 32-year history. Separately, the Financial Times has learned that last week Ford Motor Company dropped Andersen as independent auditor in a pricing dispute with Visteon, its former captive parts supplier. The defection of Freddie Mac follows that ...

March 4, 2002 Global Crossing Head Under Scrutiny By THE ASSOCIATED PRESS Filed at 5:33 p.m. ET LOS ANGELES (AP) -- John D. Rockefeller took 25 years to make his first billion. Gary Winnick needed only 18 months. Yet nearly five years after he took bold steps to create the world's most advanced fiber optic network, Winnick is at the center of a spectacular implosion of shareholder wealth. The descent of Global Crossing Ltd. (news/quote), of which Winnick was founder and chairman, was just as precipitous as the ride up. Losing almost $50 billion in market capital, on Jan. 28 ...

NEW YORK (Reuters) - Despite large donations and high-level connections in both U.S. political parties, Global Crossing Ltd. repeatedly failed to achieve its goals with the Federal Communications Commission, the Pentagon or in Congress, The Wall Street Journal said on Monday. By the end of the 2000 election cycle, the company and its employees had become the 23rd-largest donor in the country, larger than even Enron Corp., giving $2.8 million to federal candidates and political parties, the Journal said. The company now faces an array of federal investigations. It filed for bankruptcy protection in January after its stock price fell ...

A Washington-based legal group is seeking to block a Chinese company with ties to Beijing from acquiring Global Crossing, the bankrupt telecommunications giant that controls a worldwide fiber-optic network. Judicial Watch, a public interest law firm, is calling on the Bush administration to investigate attempts by Hutchison Whampoa to take over the stricken company. Ownership of crucial communications infrastructure by a company with direct ties to the communist Chinese government poses a direct threat to the national interests of the United States, said Thomas Fitton, Judicial Watch president. The acquisition would give China access to sensitive national security assets, Fitton ...

March 3, 2002 The Rise and Fall of Global Dreams By SIMON ROMERO and GERALDINE FABRIKANT ARY WINNICK knew it was a dinner fit for a king when one showed up. Constantine of Greece was among the 240 luminaries who dined on tournedos of Aberdeen Angus that November evening in 1999 at Claridge's Hotel in London. The elaborate event, paid for by Global Crossing, the communications company founded by Mr. Winnick, included a stirring speech on the role of a late-20th-century superpower by William S. Cohen, then the United States secretary of defense, who had flown 16 hours from Chile ...

Again accountants didn't tell the truth. Again analysts conspired with the companies they were supposed to evaluating. Again investors lost billions while corporate bigwigs made out like bandits. The Global Crossing fiasco drives home a point that the Enron fiasco just implied, we can't trust the people who are supposed to help us evaluate market risk. As this is being written, the market is down 6 days in a row over accounting worries. Analysts are desperately trying to pump up the frayed stocks that have been hammered by investors questioning the accounting practices, which have been driven for years by ...

Green Fauth & Jigarjian, LLP is investigating the possible tie-in between Asia Global Crossing, Ltd. (AX) and its parent, Global Crossing, Ltd. (GX), which has filed for bankruptcy and is presently the subject of class action litigation. (Read Global Crossing Class Action.) On February 28, 2002, Dow Jones Newswire reported that the New York Stock Exchange had suspended trading in the stock of Asia Global Crossing "following a recent disclosure of ongoing liquidity problems and restructuring issues" and "because the Hamilton, Bermuda-based company's Class A stock was trading at an 'abnormally low selling price.' The stock last changed hands at ...

Green Fauth & Jigarjian, LLP has filed a class action lawsuit on behalf of investors in Global Crossing, Ltd. (NYSE: GX), which seeks to stop a transaction with Hutchison Whampoa Ltd. and Singapore Technologies Telemedia Pte. Ltd., whereby those companies would invest $750 million in Global Crossing, subject to a restructuring through bankruptcy which would wipe out the equity of current shareholders. The Complaint alleges that Global Crossing's directors breached duties to shareholders by failing to explore alternatives that would have maximized shareholder value, instead choosing to transfer billions of dollars of valuable assets, including a state-of-the-art intercontinental fiber optic ...

MARCH 03, 03:25 ET Report: Firm Wants Global Crossing LOS ANGELES (AP) — An investment firm that specializes in buying failed technology companies is seeking to take over Global Crossing Ltd., one of the largest companies to ever file for Chapter 11 bankruptcy protection, according to a published report. Los Angeles-based Gores Technology Group will make a competing offer for Global Crossing in U.S. Bankruptcy Court in the Southern District of New York as early as this week, the Los Angeles Times reported Sunday. Although it's not known how much Gores plans to offer, the company would have to beat ...

Bankrupt Global Crossing Ltd. (GCL) has been reinstated in the competitive bidding for a $450 million US Defense Department communications contract. In a separate action, the public conservative watchdog group Judicial Watch filed a complaint this week attempting to block the GCL’s acquisition by “Chinese agent” Li Ka-Shing. The complaint additionally requests an investigation of former Secretary of Defense William S. Cohen. From a Freedom of Information Act filing, Judicial Watch has uncovered the following declassified defense department language regarding the Chinese billionaire who already controls the Panama Canal: “Li is directly connected to Beijing and is willing to use ...

<p>WASHINGTON — A new corporate power spreads millions of dollars around the nation's capital before collapsing. Employees see their retirement savings plunge while politically connected friends pocket huge gains.</p> <p>The story of Enron?</p> <p>No, it's Global Crossing, a telecommunications upstart that filed for Chapter 11 protection in late January, the victim of its own ambitions and dried-up demand for its high-speed data transmission. It is the largest telecommunications collapse and the fourth-largest corporate bankruptcy-protection filing ever.</p>

LOS ANGELES (AP) - One of the major creditors lining up to salvage some of its investment in Global Crossing is trying to stop the $750 million buyout proposal put forward by the telecom firm. Fleet National Bank, a subsidiary of FleetBoston Financial Corp., said the price is too low and the proposed deal "may be tainted by collusion and self-dealing." Fleet, which said Global Crossing owes it $77 million, filed its objection in U.S. Bankruptcy Court in the Southern District of New York Friday. Under the bankruptcy plan filed by Global Crossing Jan. 28, Hutchison Whampoa of Hong ...

February 27, 2002 Several Strands Seem to Twist Around Global and Investors By SIMON ROMERO and GERALDINE FABRIKANT he financial relationship between a group of Singapore investors and two Global Crossing directors became more extensive in the days after Global Crossing filed for bankruptcy protection. The relationship of the directors with the Singapore investors, whose full scope has not been previously disclosed, is significant because the investors have links to Singapore Technologies Telemedia, which has made an offer to buy Global Crossing. Separately, Global Crossing delayed reporting its full financial results yesterday because it said its auditor, Arthur Andersen, had ...

When Washington’s fund-raising season hits its peak later this election year, the receptions will be missing one of Capitol Hill’s biggest financial boosters of recent years, and this time, it’s not Enron. Global Crossing, a Bermuda-based telecom outfit that emerged from virtually nowhere two years ago to become a huge donor to both Democrats and Republicans, filed for bankruptcy this week. During the 1999-2000 election cycle, Global Crossing ranked No. 23 on the list of top overall donors to federal parties and candidates, giving more than $2.8 million in soft money, PAC and individual contributions. That’s 84 times what the ...

February 28, 2002 NEW YORK -(Dow Jones)- Asia Global Crossing Ltd. (AX) faces possible delisting from the New York Stock Exchange after the Big Board suspended trading the company's stock, following a recent disclosure of ongoing liquidity problems and restructuring issues. In a press release Thursday, the exchange said it also suspended trading because the Hamilton, Bermuda-based company's Class A stock was trading at an "abnormally low selling price." The stock last changed hands at 36 cents a share. In a press release late Tuesday evening, the Asian unit of troubled fiber-optic carrier Global Crossing Ltd. (GBLXQ) said it ...

Contract Offers Look at How Global Played Influence Game By JOSEPH KAHN WASHINGTON, Feb. 27 — Even as Global Crossing ran into financial trouble last year, the Pentagon relaxed the security requirements for a planned military communications network in a way that allowed the company to remain in the bidding for the lucrative contract. Although the Defense Department and Global Crossing say there was nothing inappropriate about the way the bid was handled, the company's success in navigating the Pentagon's procurement system illustrates how Global Crossing, a onetime stock market wonder that filed for bankruptcy protection last month, became a ...