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.
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.
June 24, 2004 |
Gary Winnick, the founder and former chairman of Global Crossing Ltd., must defend against claims that he and 22 former executives fraudulently misrepresented the fiber-optic company's finances, a federal judge ruled. A group of banks led by J.P. Morgan Chase & Co. sued Winnick in October for $1.7 billion, claiming he and the other ex-executives engaged in a "massive scam" to conceal Global Crossing's decline so it could borrow $2.25 billion two months before its collapse in 2002. U.S.
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.