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.
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.
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 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.
October 3, 2002 |
It was after Gary Winnick heard an employee tell a congressional panel that she had lost her retirement savings--all $86,000 of it--that the chairman of Global Crossing Ltd. resolved to shore up his company's sagging employee retirement fund with his own money. At least that's what a Winnick aide said Wednesday, a day after his surprise promise to contribute $25 million to Global Crossing's 401(k) plan.
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 2, 2002 |
Global Crossing Ltd. Chairman Gary Winnick's pledge to cover the losses of employees who invested in company stock was welcomed by some Tuesday, but others said the surprise gesture would do little to placate angry workers, shareholders and creditors.