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Global Crossing Facing Lawsuit
Bankruptcy emergence party cut short
(old news - 06:23PM Friday Dec 12 2003)
tags: business
Everyone's favorite controversy mired corporation, Global Crossing, pulled itself from bankruptcy this week. The emergence was greeted today by a $1.7 billion dollar lawsuit against current and former executives by JP Morgan Chase & Co. Global Crossing itself is not named in the lawsuit, but executives, including founder Gary Winnick, are accused of obscuring the problems faced by the company in order to secure $2.25 billion in loans (Reuters). The suit news comes on the heels of a re-branding effort (Light Reading) by Global Crossing to re-establish itself as a broadband and telecom powerhouse. Winnick, who sold $735 million in Global Crossing stock shortly before the company's collapse, has yet to be held accountable.

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Forums » Global Crossing Facing Lawsuit
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Post a:
wentlanc
You Can't Fix Dumb..

join:2003-07-30
Maineville, OH

S-Ox

I wonder if these slime could be held accountable under the Sarbanes Oxley act?

puritan
permalink · 2003-12-12 18:28:32 · Reply to this

pit_viper
1 Shot, 1 Kill, No Remorse, I Decide

join:2002-07-24
Play_Hockey
1 edit

Bring Terry With

Hopefully they bring Terry Mcauliffe Down also.
permalink · 2003-12-12 18:30:45 · Reply to this

K McAleavey
Premium
join:2003-11-12
Voorheesville, NY

Re: Bring Terry With

Couldn't agree more ... a crook is a crook is a crook, and neither party affiliations or direction from political center seem to matter much when it comes to that phenomenon.

Used to be they'd just hit you over the head and take your wallet. Easy to spot, easy for the cops to ... "adjust." Now that it's done with T-1's and fiber optics, doesn't make it *any* different. Except today's white collar thugs don't spend a nanosecond in the clink.

Steal a loaf of bread, you'll do 5 years. Steal several million, and you don't. Something's awfully wrong here.
--
Kevin McAleavey support@nsclean.comhttp://www.nsclean.com/
permalink · 2003-12-13 04:48:48 · Print · Reply to this
Cyber2lz

join:2001-11-15
Odessa, FL

Bandits

I was only at Double Crossing for about six months and during that tenure I never heard a word of truth, either about/from the (alleged) network, the management or the company!!!
It was the epitome of the era of Greed !! Everyone was out for themselves! I just can not wish that whole crowd enough ill will !
Just a thought.
--
If you're not livin' on the edge, you're takin' up too much space !
permalink · 2003-12-12 18:55:20 · Reply to this
medfly

join:2003-05-15
Windsor, CO

spamming idiots can roast in hell

Global Crossing hosts some of the WORST spammers on the net, including dartmail and fast duck. I hope that entire company disapears into chapter 7, and the entire management arrested for fraud.
permalink · 2003-12-12 19:18:41 · Reply to this

bigunk
Gort, Klattu Birada Nikto

join:2001-02-10
Santa Clarita, CA
·AT&T Yahoo

Not so fast

I have friends that tied up a lot of their retirement money in GC, hoping to have at the very least a nest egg to spend the rest of their lives living on. This was money they busted their butts earning, and Winnick, McAuliffe, et al took it from them for their own personal gain.

I firmly believe the shareholders among the common folk should be given every chance to at least break even (yeah, right), then we can take the top brass and string 'em up by their nuts.
--
Unleash the power of mediocrity!
permalink · 2003-12-13 11:31:00 · Print · Reply to this
flankspeed8

join:2001-07-20
Saint Paul, MN
clubs:
·Verizon FIOS

Crooks

I lost about $14,000 on Double Crossing. I would have preferred that they be liquidated rather than be allowed to emerge from Chapter 11. Did anyone else notice that their assests exceeded their liabilities by several billion yet they were still able to file bankruptcy? This company is a total fraud and should be destroyed!
permalink · 2003-12-14 14:54:26 · Reply to this

Coldfusion

join:2000-04-14
San Francisco, CA

Re: Crooks

I lost $6000 =(
permalink · 2003-12-15 04:50:17 · Reply to this
Forums » Global Crossing Facing Lawsuit

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