December 20, 2002 |
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.
July 9, 2004 |
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.
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.
May 10, 2000 |
A Los Angeles businessman has donated $40 million for a peace and tolerance institute being built by the Simon Wiesenthal Center in Jerusalem. The Winnick Institute Jerusalem, named for telecommunications entrepreneur Gary Winnick, is projected to cost $120 million and will be designed for a three-acre hillside site by Los Angeles architect Frank O. Gehry.
October 28, 2005 |
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.
October 17, 2002 |
A Global Crossing Ltd. creditors' group asked longtime Chairman Gary Winnick on Wednesday to resign from the telecommunications company he founded and said it may try to tap the billionaire philanthropist's personal fortune to recoup corporate funds. The request, made by a U.S.
August 19, 2000 |
If by some miracle the sailors aboard the disabled Russian submarine Kursk can be rescued, they may well thank a young phone company and its Beverly Hills executives--including one of the wealthiest men in Southern California. The LR5, the manned rescue mini-submarine now being rushed to the Barents Sea from its base in Britain, is operated by Global Crossing Ltd., an ambitious and unprofitable 3-year-old telecommunications company.
October 1, 2002 |
Global Crossing Ltd. Chairman Gary Winnick was directly involved in a frenzied push for sales at the telecommunications firm in 2001--a time when the company was making questionable deals to mask its deteriorating finances, according to documents made public Monday.
November 28, 1999 |
In addition to the small group of men who already exert a profound influence on civic life in Los Angeles without holding any office, there is a larger, less defined cadre who are coming into power or making themselves felt from the margins. Some are looking for a way to amplify their role in Los Angeles' life. Gary Winnick, for instance, struck it rich with his company, Global Crossing Ltd., and recently topped the Los Angeles Business Journal's list of L.A.'s richest people.
June 11, 2002 |
Global Crossing Ltd. Chairman Gary Winnick, who reaped hundreds of millions of dollars by selling company stock before Global's dramatic downfall into bankruptcy this year, is trying to round up investors to fund a management buyout of the fiber-optic giant. Winnick's potential involvement in bringing the company out of the largest telecommunications bankruptcy in history struck some as an audacious move for a man who had a hand in the firm's collapse.