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Global Crossing Ltd

BUSINESS
April 6, 2004 | From Bloomberg News
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.
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BUSINESS
March 23, 2004 | From Reuters
Mexican billionaire Carlos Slim and his family have accumulated 9.1% of Global Crossing Ltd.'s common stock, the U.S. fiber optic network operator said Monday. Reasons behind the purchase were not immediately clear. Slim, Latin America's richest man who has acquired a slew of telecommunications assets throughout the region, is known for his ability to turn battered companies around. He could not be reached for comment.
BUSINESS
March 20, 2004 | Alex Pham and David Colker, Times Staff Writers
Gary Winnick and other former executives and directors of Global Crossing Ltd. agreed Friday to pay $324 million to settle lawsuits filed by investors and former employees who lost billions when the telecommunications firm fell into bankruptcy. Winnick will provide $55 million for the settlement himself. The Beverly Hills billionaire, who founded Global Crossing in 1997, briefly became the richest person in Los Angeles when his company stock boosted his net worth to $6 billion.
BUSINESS
March 11, 2004 | From Reuters
Global Crossing Ltd. posted a fourth-quarter profit of about $25-billion Wednesday -- the largest in corporate history -- but the stock collapsed as not a penny of that came from its actual business. The benefit came from gains realized as the high-speed communications carrier exited Chapter 11 bankruptcy protection, masking an operating loss from continuing operations.
BUSINESS
January 27, 2004 | From Bloomberg News
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.
BUSINESS
December 23, 2003
COURTS J.P. Morgan Chase & Co., Goldman Sachs Group Inc. and five other banks sued by shareholders of Global Crossing Ltd., owner of a worldwide fiber optic cable network, must defend themselves against a stock fraud suit, a judge ruled. U.S. District Judge Gerard E. Lynch refused the banks' request to dismiss all but four claims against them.
BUSINESS
December 9, 2003 | From Bloomberg News
Global Crossing Ltd., whose bankruptcy filing two years ago cost investors $40 billion, plans to emerge from Chapter 11 protection as early as this week, people familiar with the matter said. Singapore Technologies Telemedia, which is controlled by Singapore's government, will own a 61.5% stake in the company after paying $250 million. Creditors will own the rest.
BUSINESS
October 10, 2003 | From Reuters
Telecommunications company Global Crossing Ltd. could emerge from bankruptcy protection as early as next week after regulators cleared the $250-million sale of a majority stake to Singapore Technologies Telemedia, people familiar with the deal said Thursday. STT's bid to buy a 61.5% stake in Global Crossing must close by Oct. 14, under an earlier agreement. "Both parties are working very hard to meet that deadline.
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