Global Crossings Declares Bankruptcy

Bloomberg Business Reports | Jan 28, 2001 | Bloomberg Busness Reports

[Dukie]

Bloomberg Business Report just announced that Global Crossings, a telecommunications company which established a world wide fiber optics cable network, has declared bankruptcy. Bloomberg further announced a sale of certain of Global Crossings assets to PRC headquarted Hutchinson Whampoa Corporation in conjunction with its bankruptcy declaration.

[aShepard]

Great. So now the chi-coms can monitor all the traffic on the internet. Way cool!

[Fury]

No suprise here. They bought many companies and did a great job of driving them into the ground.

[Dukie]

Did you guys see this ?

[OliverWendellDouglas]

Someone needs to bump this:

Global Crossing & the Art of Effective Campaign Contributions

[Cachelot]

They bought many companies and did a great job of driving them into the ground.

The question is, of course: was this a planned outcome?

[Rodney King]

Another comapny that Andersen was auditing but did not notice that there were problems.

[Dukie]

I had similar thoughts

[Rebelbase]

Full scale congressional investingation is going to be needed on this one. Supeona Chaney and see if he has ever communicated on a fiber optic network, if so, demand the tapes of those conversations. Quickly place all company executives in protective custody and take all handguns away from them, lest they fall prey to the easy way out.

[Dukie]

Must tell you, I searched Global Crossing before posting & it didnt find the article. Thanks, I'll bump it !

[NeoCaveman]

. Bloomberg further announced a sale of certain of Global Crossings assets to PRC headquarted Hutchinson Whampoa Corporation in conjunction with its bankruptcy declaration.

Hutchinson Whampoa??? Great another victory for the Chicoms... What the.....

[OliverWendellDouglas]

yeah. they buy the network for pennies on the dollar.

[Fury]

The question is, of course: was this a planned outcome?

Who knows. I do know that they chewed up Rochester Telephone and Frontier. Customer service was poor before GX came on the scene. It was even worse afterwords.

I think someone on the previous thread mentioned Pittsford Capital. Wonder how they feel right now. They rode GX all the way... down...

[OliverWendellDouglas]

i feel scammed. I feel like enron is a smokescreen to keep people from seeing this.

[DoctorMichael]

Wow. THIS was one of the high-flyers during the 1998-99 stock market boom. I wonder how many other disasters are out there ready to happen ala Enron, KMart etc.

They had a good idea of building a network and leasing/renting bandwidth so as to allow worldwide communications (remember..........commercial satellite ventures went under).

The dangerous thing here is the Chicom buyer. Can they now tap into all that corporate business traffic over these fiberoptic lines to do INDUSTRIAL SPYING?

[Dukie]

Business Week had a recent cover story about Cisco questioning so called "aggressive accounting" practices. I'm starting to get a real sense of a house of cards about to tumble.

[michaelje]

Well on the upside, I can use some capital losses to offset income this year.

[NeoCaveman]

i feel scammed. I feel like enron is a smokescreen to keep people from seeing this.

This could have longer term affects than Enron. GC was a Bermuda coproration, I believe, so we had no jurisdiction to stop this. I'd feel better if AT&T or MCI or another US company had those assets.

[Dukie]

Check Business Week site for Jan 21 edition article on questioning accounting practices at Cisco. Is any financial statement audited by the big five credible ?

[Jeff Head]

Bloomberg further announced a sale of certain of Global Crossings assets to PRC headquarted Hutchinson Whampoa Corporation in conjunction with its bankruptcy declaration.

Surprise, surprise. More fuel for the fire. I'll have to take this into account in volume two as the war kicks into high gear.

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