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IN BRIEF / REAL ESTATE

WorldCom to Sell Former CEO's Ranch

May 31, 2003|From Reuters

WorldCom Inc. said it planned to sell Canada's biggest working cattle ranch, previously owned by former Chief Executive Bernard J. Ebbers, for about $68.5 million to U.S. sports mogul Stanley Kroenke.

Proceeds from the sale of the Douglas Lake Ranch will be used to pay off some of the more than $400 million Ebbers borrowed from the company.

From Reuters

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