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Global Crossing Ltd

June 22, 2004 | From Bloomberg News
Global Crossing Ltd. said an investigation by Deloitte & Touche found management wasn't aware of faulty accounting related to its 2003 results. The report found no "management integrity issues," Global Crossing said. Bermuda-based Global Crossing hired Deloitte to begin a probe after announcing in April that it underestimated some liabilities.
July 27, 2006 | From Bloomberg News
A U.S. District Court judge in New York gave preliminary approval to a $99-million settlement of a securities fraud lawsuit by shareholders of Global Crossing Ltd. against Goldman Sachs Group Inc. and 25 other investment banks. "The banks were targeted for their role as financial advisors to Global Crossing and its affiliate Asia Global Crossing in issuing securities in 2000 and 2001," Grant & Eisenhofer, a law firm representing the shareholders, said in a statement.
February 25, 2003 | From Bloomberg News
IDT Corp., a long-distance telephone and Internet services company, plans to bid for Global Crossing Ltd., a fiber-optic network operator that had agreed to sell a majority stake to two Asian companies. IDT plans to present a bid in Bankruptcy Court today, Chairman Howard Jonas said, as it tries to win control from Hutchison Whampoa Ltd. and Singapore Technologies Telemedia. They have agreed to pay $250 million for a 61.5% stake in Global. Shares of IDT, based in Newark, N.J.
June 21, 2006 | From Bloomberg News
A trustee for creditors of Global Crossing Ltd., which emerged from bankruptcy protection in December 2003, sued Canadian Imperial Bank of Commerce for $2 billion in alleged insider trading profits. The trustee accused Toronto-based CIBC of using inside information to illegally trade in the telecommunications company's shares, according to a lawsuit filed Tuesday in U.S. Bankruptcy Court in New York. The trustee is seeking to raise money for creditors still owed $6.
October 17, 2001 | Bloomberg News
TyCom Ltd., the biggest maker of undersea fiber-optic cable, and Global Crossing Ltd. settled all claims related to the construction and operation of part of Global Crossing's phone and data network. The companies didn't disclose the terms of the settlement. Last year, Global Crossing sued TyCom's parent, Tyco International Ltd., for at least $1 billion, claiming the unit shared confidential information with a rival.
May 4, 2004 | From Dow Jones/Associated Press
Global Crossing Ltd., the fiber-optic network that listed on the Nasdaq Stock Market less than four months ago, said Monday that it might be delisted because of an accounting review. The company last week announced that it would restate last year's results and review its 2002 results. The company emerged from two years of bankruptcy protection less than six months ago. Global Crossing shares rose 15 cents to $7.30 on Nasdaq.
August 3, 2002 | James S. Granelli
Global Crossing Ltd. and its creditors again delayed a decision on whether to sell the company's worldwide fiber-optic network and other assets--and which bid to approve. The company, which is negotiating for better offers from three bidders seeking to buy the entire company, said it would make a recommendation Tuesday. A judge at a hearing scheduled for Wednesday could consider approving a winning bid, which would bring the company out of the nation's fifth-largest Chapter 11 bankruptcy case.
March 22, 2003 | From Associated Press
Richard Perle, a Defense Department advisor, said he is helping Global Crossing Ltd. try to win government approval of its sale to foreign companies, a deal that has prompted concerns about national security. Perle would receive $725,000 for his work, including $600,000 if the government approves Global Crossing's sale to a joint venture of two Asian firms, according to lawyers and others involved in the bankruptcy case.
January 1, 2003 | Alex Pham
The board of Global Crossing Ltd. named Myron E. Ullman and Jeremiah D. Lambert as co-chairmen. The appointments replace Gary Winnick, the company's founder who announced his resignation on Monday, and Lodwrick Cook, who resigned as co-chairman on Tuesday but will remain a member of the board. Winnick presided over the explosive growth of the telecommunications firm, sold hundreds of millions of dollars in company stock, then saw the company crumble into bankruptcy in January under $12.
November 9, 2002 | Elizabeth Douglass
Global Crossing Ltd. reorganized its finance department and reassigned the executive who led the company's accounting department. Joseph Perrone, formerly executive vice president of finance, was moved to the newly created position of executive vice president of business performance, according to an internal announcement.
August 10, 2005
* Microsoft Corp. warned users of its Windows operating system of three newly found "critical" security flaws in its software, including one that could allow attackers to take complete control of a computer. * A federal judge in New York dismissed claims that Microsoft Corp. and Softbank Corp., which sells high-speed Internet service in Japan, helped defraud investors in Global Crossing Ltd.
April 12, 2005 | From Reuters
U.S. market regulators said Monday that they had settled allegations against Global Crossing Ltd. and three former executives, ending a three-year investigation of the company's financial reports from 2001.
March 22, 2005 | James S. Granelli, Times Staff Writer
A private equity firm owned by Beverly Hills financier Tom T. Gores said Monday that it had agreed to buy part of fiber-optic network owner Global Crossing Ltd. for $40.5 million. Platinum Equity will acquire Global Crossing's small-business unit, which serves about 30,000 small and medium-size companies, and meld it into its own telecommunications operations. Platinum's Matrix Telecom Inc.
March 3, 2005 | From Reuters
Citigroup Inc. said Wednesday that it would pay $75 million to settle a lawsuit brought by investors over its role in the collapse of telecommunications network provider Global Crossing Ltd. Citigroup, which was one of Global Crossing's bankers, was accused in the class action of issuing hyped research reports and failing to disclose conflicts of interest. It said the settlement resolved claims of investors in Global Crossing and its Asia Global Crossing Ltd. affiliate from Feb. 1, 1999, to Dec.
December 7, 2004 | From Bloomberg News
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.
October 9, 2004 | From Bloomberg News
Global Crossing Ltd. said it planned to eliminate about 600 jobs, or 15% of its workforce, as falling long-distance telephone prices drive down sales. Some businesses will be shrunk or closed, including consumer local and long-distance services, the fiber optic network operator said.
March 20, 1999 | From Times Wire Reports
Former President Bush made a smart move by accepting stock in a start-up company instead of his usual speaking fee when he addressed an audience in Tokyo last year. Bush agreed to take shares in Global Crossing Ltd. in lieu of an $80,000 fee for speaking to a group assembled by the telecommunications business, the Wall Street Journal in New York reported. The stock is now worth about $14.4 million.
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