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Gary Winnick

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BUSINESS
December 12, 1989 | SCOT J. PALTROW, TIMES STAFF WRITER
Federal prosecutors have added another prominent close associate of Michael Milken to the list of government witnesses who will testify against him. Gary Winnick, 42, the former head of Drexel Burnham Lambert's convertible bonds department, was given a federal court order last week granting him immunity from prosecution and compelling him to testify against Milken and others in the criminal racketeering case pending against the former Drexel junk bond chief. Winnick's lawyer, Gary P.
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BUSINESS
February 20, 2013 | By Lauren Beale
Word is out that financier Gary Winnick is quietly floating his estate in Bel-Air for sale at $225 million. Although anyone can ask any amount for a property, the 8.4-acre trophy property is for sale at the right price, said a person familiar with Winnick's real estate dealings. Winnick, the founder and chief executive of the investment firm Pacific Capital Group, had no comment. Winnick, who founded and later sold Global Crossing, bought the Bellagio Road mansion in 2000 from Dole Food Co. owner David Murdock.
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BUSINESS
March 20, 2004 | Alex Pham and David Colker, Times Staff Writers
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.
BUSINESS
February 20, 2013 | By Lauren Beale, Los Angeles Times
Word is out that financier Gary Winnick is quietly floating his storied estate in Bel-Air for sale at $225 million. Winnick, who founded and later sold Global Crossing, bought the Bellagio Road mansion in 2000 from Dole Food Co. owner David Murdock. The $94-million deal, which involved the telecom mogul ponying up a parcel of land, stood as the highest-priced home sale in California for years. Although a seller can ask any amount for a property, the 8.4-acre trophy home is for sale at the right price, said a person familiar with Winnick's real estate dealings who wasn't authorized to speak publicly.
CALIFORNIA | LOCAL
May 25, 1999 | TERRY McDERMOTT, TIMES STAFF WRITER
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.
BUSINESS
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....
BUSINESS
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...
BUSINESS
March 3, 2002
Gary Winnick and his bedfellows on the Global Crossing board extracted at least $607 million from the company, portraying a greed and selfishness worthy of Enron, and capped with evidently similar creative accounting by sisters of questionable morals [Global Crossing Hurt by Board's Cronyism," Feb. 24]. When we consider that a revenue of $200,000 per employee per year is more or less typical for high-tech companies, it shows that they have managed to torpedo about 4,000 jobs in their own corporation.
BUSINESS
April 6, 2004 | From Bloomberg News
Gary Winnick, the former chairman of Global Crossing Ltd., must face a lawsuit accusing him of defaming a company finance executive who complained about the fiber-optic network operator's accounting, a judge ruled. U.S. District Judge Gerard Lynch in Manhattan refused to dismiss a claim that Winnick defamed Roy Olofson, former vice president of finance. Olofson complained in 2001 that the company had improperly accounted for phone-service swaps. He was later fired.
BUSINESS
July 21, 2004 | From Bloomberg News
The U.S. Labor Department approved a $79-million settlement of a lawsuit brought by employees of Global Crossing Ltd. against former company executives including ex-Chairman Gary Winnick over management of its retirement plan. The proposed class-action settlement needs court approval, the Labor Department said Tuesday.
BUSINESS
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...
BUSINESS
April 12, 2011 | By Tiffany Hsu, Los Angeles Times
The tortured saga of Global Crossing Ltd., which went from vast riches to disdain with the bursting of the tech bubble, is coming to an end. The telecommunications network provider has agreed to be purchased by rival Level 3 Communications Inc. for $1.9 billion. Global Crossing, which made its founder, Gary Winnick, one of the richest men in Los Angeles before turning him into a symbol of corporate greed, will be acquired for $23.04 a share, a 56% premium on its Friday closing price, pending approval by shareholders and regulators.
BUSINESS
October 28, 2005 | Kathy M. Kristof and Josh Friedman, Times Staff Writers
Gary Winnick narrowly avoided paying a $1-million settlement last year when the Securities and Exchange Commission overruled its staff and decided not to fine the Global Crossing founder for allegedly failing to fully disclose financial transactions involving his telecom firm. Two years earlier, the Justice Department quietly opted not to file criminal charges against Winnick after Global Crossing's spectacular collapse into bankruptcy, which caused $54 billion in shareholder losses.
BUSINESS
December 7, 2004 | From Bloomberg News
Global Crossing Ltd. founder Gary Winnick and at least two other executives are likely to be fined under an agreement that will end a federal probe into the company's accounting, people familiar with the matter said Monday. The Securities and Exchange Commission plans to vote Thursday on the proposed settlement, which would allow the Hamilton, Bermuda-based company to avoid a penalty, said the people, who asked not to be named. They declined to say how much the executives would pay.
BUSINESS
July 21, 2004 | From Bloomberg News
The U.S. Labor Department approved a $79-million settlement of a lawsuit brought by employees of Global Crossing Ltd. against former company executives including ex-Chairman Gary Winnick over management of its retirement plan. The proposed class-action settlement needs court approval, the Labor Department said Tuesday.
BUSINESS
July 9, 2004 | Josh Friedman, Times Staff Writer
Global Crossing Ltd. founder Gary Winnick averted a $116-million verdict by settling a breach-of-contract lawsuit brought by a former business partner moments before that decision would have become official, according to jurors in the four-week civil trial held in Los Angeles County Superior Court.
BUSINESS
December 7, 2004 | From Bloomberg News
Global Crossing Ltd. founder Gary Winnick and at least two other executives are likely to be fined under an agreement that will end a federal probe into the company's accounting, people familiar with the matter said Monday. The Securities and Exchange Commission plans to vote Thursday on the proposed settlement, which would allow the Hamilton, Bermuda-based company to avoid a penalty, said the people, who asked not to be named. They declined to say how much the executives would pay.
BUSINESS
December 20, 2002 | James S. Granelli, Times Staff Writer
Making good on a pledge to Congress last summer, Global Crossing Ltd. founder Gary Winnick put $25 million into an escrow account Thursday to repay employees for company stock they bought for their pension plan -- shares that became worthless when the fiber-optic network builder filed for bankruptcy protection in January. But his donation didn't sit so well with some, and the payout may not be so simple to accomplish, according to current and former employees.
BUSINESS
July 3, 2004 | Josh Friedman, Times Staff Writer
Global Crossing Ltd. founder Gary Winnick on Friday settled a lawsuit brought by ex-partner Douglas Shooker, who claimed Winnick owed him up to $1.1 billion under an oral agreement granting him a 15% slice of venture capital profits. Terms were not disclosed. The settlement brought an abrupt end to deliberations by a Los Angeles County Superior Court jury, which met for a fifth day Friday without reaching a verdict. "I'm glad this is over.
BUSINESS
April 6, 2004 | From Bloomberg News
Gary Winnick, the former chairman of Global Crossing Ltd., must face a lawsuit accusing him of defaming a company finance executive who complained about the fiber-optic network operator's accounting, a judge ruled. U.S. District Judge Gerard Lynch in Manhattan refused to dismiss a claim that Winnick defamed Roy Olofson, former vice president of finance. Olofson complained in 2001 that the company had improperly accounted for phone-service swaps. He was later fired.
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