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.
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.
August 30, 2003 |
WorldCom Inc. named five new board members to help lead the telecommunications giant after it emerges from Chapter 11 bankruptcy protection as MCI. The new members are David Matlin, chief executive of Matlin Patterson Global Advisers, a major investor in MCI; W. Grant Gregory, chairman of Gregory & Hoenemeyer, Merchant Bankers; retired Bell Atlantic Corp.
June 8, 2001 |
WorldCom Inc. will divide itself into two separate stocks starting today as part of a restructuring aimed at isolating its shrinking long-distance business and shoring up its sinking stock price. The plan, which was approved Thursday by WorldCom shareholders, creates two tracking stocks, one tied to WorldCom's high-growth data and business services units and the other to its cash-rich but stagnant consumer communications businesses.
March 9, 2005 |
Jurors evaluating accounting fraud charges against former WorldCom Inc. Chief Executive Bernard J. Ebbers ended their third day of deliberations without a verdict after asking to review his testimony. During several hours of deliberations, the jury in federal court in New York also asked to examine testimony from two ex-WorldCom accountants who testified for prosecutors. Ebbers is accused of leading an $11-billion fraud that helped drive the company, now MCI Inc.
August 13, 2002 |
A federal judge ruled that New York state's pension fund should serve as lead plaintiff for a group of shareholders suing WorldCom Inc. The New York State Common Retirement Fund, which has assets of $112 billion, claims it lost an estimated $306 million from the collapse of WorldCom. The fund, for which state Comptroller H. Carl McCall serves as trustee, represents the interests of 950,000 active and retired government employees and their beneficiaries.