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Global Crossing: Companies
built 655 days ago
In 1999, Global Crossing was planning to lay a transpacific fiber-optic cable and faced competition from a powerful consortium of companies, including AT&T (T ) and WorldCom (WCOM ). Winnick hired Anne Bingaman, former Justice Dept. antitrust chief from 1993-96, and Greg Simon, a former domestic policy adviser to Vice-President Al Gore, to lobby the Federal Communications Commission. Global Crossing paid Bingaman, now chairman of Valor Communications in Irving, Tex., an unprecedented $2.5 million for six months' work. The company failed to block the rival group from getting a license but did force it to modify its proposal in ways so it couldn't dominate the market.
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Because Global Crossing is under bankruptcy protection, Olofson cannot sue without the court's permission. Class-action lawsuits against the company require permission as well. That is why the class-action suit targets the executives themselves. If he files suit, Olofson would likewise sue company executives.
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In 2002, Global Crossing, which is based in Hamilton, Bermuda, had a loss from continuing operations of $296 million, or 35 cents a share. The company had a loss of $25.53 a share in 2001 and $3.69 a share in 2000, the filings show.
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Delaware Law Weekly - March 31, 2004 - Former investors and employees of telecommunications provider Global Crossing have settled securities and ERISA class actions against current and former company leaders for $325 million. [Full Text]
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In November 1997, Winnick announced the formation of a holding company, Global Crossing Ltd. This reflected his interest in building a global network of submarine cables to link major cities around the world. Before the end of the year, Global Crossing had announced plans for three new operations to accomplish this. The Mid-Atlantic Crossing (MAC-1) was a joint venture with cable system owner TeleBermuda International Ltd. to build and own an undersea cable connecting New York, Bermuda, the Caribbean, and Florida. The new cable would connect with AC-1 in New York.
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The PoP, which serves as Global Crossing's global interconnection center in Monterrey, is already operational and serving customers. Global Crossing ... has facilities in Mexico City and other locations across Central and South America. The company's IP-based solutions and traditional services available from the new Monterrey PoP include Private Line, International Private Line, high-speed Internet access, Internet Protocol Virtual Private Network (IP VPN), collaboration services, ATM and Frame Relay.
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