November 23, 2002 |
WorldCom Inc. is near a settlement with the Securities and Exchange Commission that may allow it to avoid paying a fine as government regulators seek to help the second-largest U.S. long-distance telephone company emerge from Bankruptcy Court, people familiar with the matter said. The accord would require the company, charged with fraud after $9 billion in accounting misstatements, to establish court-approved financial controls.
August 14, 2002 |
Citigroup Inc. received a congressional subpoena demanding documents on any role stock analyst Jack Grubman played in allocating initial public offering shares to WorldCom Inc. executives. The House Financial Services Committee, which issued the subpoena, is investigating whether Grubman helped favored executives obtain IPO shares in return for their giving investment banking business to Citigroup's Salomon Smith Barney Inc. unit.
April 1, 2003 |
WorldCom Inc., which filed for bankruptcy protection last year, has uncovered $11 billion in overstated profit, $2 billion more than what has been publicly disclosed, people familiar with the matter said. The long-distance telephone company probably will announce by June that it will restate earnings to reflect the errors, which date back to 1999, the people said. WorldCom doesn't expect to find more mistakes, they said.
July 2, 2003 |
WorldCom Inc. got a bankruptcy judge's permission to sell a Canadian ranch once owned by former Chief Executive Bernard J. Ebbers for $68.5 million. U.S. Bankruptcy Judge Arthur Gonzalez approved the sale to E. Stanley Kroenke, owner of the Colorado Avalanche hockey and Denver Nuggets basketball teams and an owner of the St. Louis Rams football team. The British Columbia property is Canada's biggest working cattle ranch.
March 27, 2004 |
Telecommunications company WorldCom Inc., which filed for bankruptcy protection in July 2002, said it was cutting 4,000 jobs -- more than 7% of its workforce -- and closing three call centers because of cost-cutting pressure and fallout from the federal do-not-call registry. The centers are in Denver, Phoenix and Niles, Ohio. The company, which employs about 54,000, will have 15 call centers.
October 29, 2003 |
WorldCom Inc., seeking to rebuild an image tarnished by an $11-billion accounting scandal, hired former U.S. Sen. Warren Rudman to help improve its ethics and governance. Rudman, 73, will be an advisor to Chief Executive Michael Capellas. His appointment takes effect immediately, a spokeswoman for Ashburn, Va.-based WorldCom said. From Bloomberg News
August 6, 2002 |
Long-distance company WorldCom Inc. is telling its almost 2 million wireless customers to sign up with other carriers before the company ends mobile phone service in September. WorldCom customers who want to keep their phone numbers must sign up with Verizon Wireless, Cingular Wireless, AT&T Wireless Services Inc. or Alltel Corp.
September 8, 2006 |
A federal judge ordered former WorldCom Inc. Chief Executive Bernard J. Ebbers, who was convicted of orchestrating an $11-billion accounting fraud, to report to federal prison Sept. 26 to begin his 25-year sentence. Ebbers must report to an institution to be designated by the Federal Bureau of Prisons, according to the order dated Tuesday from U.S. District Judge Barbara Jones in New York.
May 31, 2003 |
WorldCom Inc. said it planned to sell Canada's biggest working cattle ranch, previously owned by former Chief Executive Bernard J. Ebbers, for about $68.5 million to U.S. sports mogul Stanley Kroenke. Proceeds from the sale of the Douglas Lake Ranch will be used to pay off some of the more than $400 million Ebbers borrowed from the company. From Reuters
November 19, 2002 |
Giuliani Partners, a risk management firm run by former New York Mayor Rudolph Giuliani, said it is working with bond investment firm MatlinPatterson Global Advisors on corporate governance issues at ailing WorldCom Inc. MCI parent WorldCom, driven into bankruptcy protection in July by accounting misstatements that total more than $9 billion, appointed former Hewlett-Packard Co. President Michael Capellas as chairman and chief executive Friday.