December 11, 2003 |
Investment bank J.P. Morgan Chase & Co. has sued Los Angeles financier Gary Winnick and 22 other former officers and directors of Global Crossing Ltd. for $1.7 billion, accusing them of hiding important financial information while running the fiber optic network builder. J.P. Morgan contends Winnick and others "devised, directed and controlled" a massive scheme to disguise Global Crossing's poor financial health so the company could get $2.25 billion in loans. J.P.
March 20, 2004 |
Gary Winnick and other former executives and directors of Global Crossing Ltd. agreed Friday to pay $324 million to settle lawsuits filed by investors and former employees who lost billions when the telecommunications firm fell into bankruptcy. Winnick will provide $55 million for the settlement himself. The Beverly Hills billionaire, who founded Global Crossing in 1997, briefly became the richest person in Los Angeles when his company stock boosted his net worth to $6 billion.
July 4, 2002 |
Even by the standards of Bel-Air, Gary Winnick's mansion on Bellagio Road is lavish. Perched on a bluff overlooking the Bel-Air Country Club, the Georgian-style house commands views from downtown to the coast. Its 64 rooms include a kitchen with six sinks and enough ovens to warm 100 plates at once. The master suite boasts separate massage, sitting and shower rooms. There are a dozen bedrooms and a dozen bathrooms just for servants. But Winnick isn't satisfied.
CALIFORNIA | LOCAL
May 25, 1999 |
Who the hell is Gary Winnick? Among many other things, he is the newly crowned richest man, woman or child in Los Angeles. Winnick, a 51-year-old investor and former partner of Michael Milken, tops this year's edition of a local business publication's list of the richest people in L.A. How rich is he? In the last two weeks he has lost a billion dollars. And he's still the richest man in a town full of rich people.
April 12, 2011
Key events in the history of Global Crossing Ltd. 1997: Founded by Los Angeles financier Gary Winnick 1998: Raises $400 million in an initial public stock offering 1999: Buys long-distance company Frontier Communications, British network operator Racal Telecom, and Cable & Wireless Global Marine, an underwater cable construction and maintenance firm 2000: Affiliate Asia Global Crossing raises $455 million in initial public stock...
December 29, 2002
Does The Times have an agenda regarding its coverage of Gary Winnick? While reading "Winnick Puts Cash in Fund for Workers" (Dec. 20.), about Mr. Winnick's $25-million deposit of his own money into an escrow account for the losses sustained by employees in the company's stock, that's the impression a reader would get. I think it is important to note that he originally made this offer while testifying voluntarily before a congressional committee....