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...
April 12, 2011 |
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.
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 I think it is important to note that he originally made this offer while testifying voluntarily before a congressional committee....
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.
April 6, 2004 |
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.