July 21, 2004 |
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.
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 |
Los Angeles investor Gary Winnick, who built Global Crossing Ltd. into an international telecommunications player in three years, said Tuesday that he bought a majority stake in a real estate investment firm and will expand the company's investment focus into non-real estate ventures. Winnick's Pacific Capital Group purchased a 70% interest in Beverly Hills-based Colony Capital Inc. Colony Chairman Thomas Barrack will become one of three managing partners of Pacific Capital.
December 7, 2004 |
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.
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.
January 27, 2004 |
Gary Winnick and other former executives of Global Crossing should be responsible for any damages that Goldman Sachs Group Inc., Citigroup Inc. and Merrill Lynch & Co. may be ordered to pay the telecommunications company's shareholders, the banks said in a lawsuit.
July 11, 2003 |
They say money can't buy happiness. As one Salt Lake City company sees things, it doesn't buy a sense of humor, either. Lawyers for Gary Winnick, the former chairman of Global Crossing Ltd., who made more than half a billion dollars before the onetime Beverly Hills company filed for bankruptcy protection, recently sent a cease-and-desist letter to the publisher of a "Shareholder's Most Wanted" deck of cards. In it, Winnick was the ace of hearts.
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.
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.
October 2, 2002 |
At the Winnick Family Children's Zoo in Los Angeles, Maury Laham, 71, stood at the railing of the sea lion exhibit as two sleek animals frolicked in the rushing water below. His 8-year-old granddaughter shrieked in delight, but he did not look happy. "Some of my money probably went into building this place," he said, shaking his head. Laham is a stockholder in Global Crossing Ltd., the telecommunications company founded by Los Angeles multimillionaire Gary Winnick.