Global Crossing insiders sell $278 million in shares

News.com ^ | May 25, 2000 | Bloomberg News

[d14truth]

Global Crossing insiders sell $278 million in shares

"Directors and managers of the telecommunications-network operator who sold from April 10 to April 13 included chairman Gary Winnick; Barry Porter, senior vice president of corporate development; and president David Lee, according to the Washington Service, which tracks insider trading. The shares, including some sold to exercise options, fetched $31 to $33.20 each. Winnick sold stock valued at $149 million.
...*****...
The company is suing Tyco International, once its main fiber-optic cable supplier, accusing the company of stealing trade secrets."

[d14truth]

Where are their subpoenas?

[d14truth]

Enron is a 'chump change' diversion, IMHO. GAO and Congress trying to put the 'spotlight' somewhere it doesn't shine on them.

[an amused spectator]

I'm sure Marcy Gordon/AP is ALL over this.

Not. ;-)

[Wyatt's Torch]

It doesn't say how much is "some shares" related to exercising options. Many, many, many companies have their options dates in April. Something else to consider is the sale of assets to pay tax liabilities. As with Enron, this is a great business failure but doesn't have much to do with politics.

[callisto]

HAMILTON, Bermuda--Global Crossing managers and others connected to the company, whose stock has fallen by nearly half this year, sold 8.39 million of its shares valued as much as $278 million.

Directors and managers of the telecommunications-network operator who sold from April 10 to April 13 included chairman Gary Winnick; Barry Porter, senior vice president of corporate development; and president David Lee, according to the Washington Service, which tracks insider trading. The shares, including some sold to exercise options, fetched $31 to $33.20 each. Winnick sold stock valued at $149 million.

Global Crossing shares have been down 47 percent this year. The Hamilton, Bermuda-based company and its shareholders unveiled a plan in March to sell $3.25 billion in common and preferred stock. The company planned to use the cash to expand products and services.

The company had 778.8 million shares outstanding March 31.

Global Crossing is building an undersea fiber-optic network for phone and Internet services. It sells time on the system, which will span 101,000 miles and five continents, to other phone companies, businesses and consumers.

The company is suing Tyco International, once its main fiber-optic cable supplier, accusing the company of stealing trade secrets.

[d14truth]

"As with Enron, this is a great business failure but doesn't have much to do with politics."

Yup. Just expect the 'politicians' to give 'equal time'.

[Registered]

Darnit Liz! Are you up yet!?

[Wyatt's Torch]

I agree. But since the Pub's are such wusses, don't hold your breath. They should be screaming at the top of their lings but they just sit there like church mice.

[Toidylop]

Where's the media??? Uh oh..., they're busy all over Enron trying to tie it to Bush, never mind!!!

[mewzilla]

I wonder if any Congress critters or Senators had Global Crossing stock and got out around then.

[afz400]

"Behind every great fortune is a great crime."

[JohnPaulJones]

There must be to Enron then we are to believe. The same thing looks as if it was going on with Gobal and Tyco yet no congressional body is yelling yet like the Enron scandal....Why?

[norraad]

"Behind every fortune is a great crime"

Most spot on truthful quote I've ever seen!

Whose the attributed author?

[kellynla]

Terry McAuliffe: how to turn an 18,000% R.O.I. in the stock Market...hey if ya don't like it move to China! Nice guy ehhh?...how long do you give this guy? bet he turns up dead like Ron Brown...cause ya know if you squeeze ol' Terry he will squeal like a stuffed pig!

[d14truth]

Tom Daschle's 'Open Secrets'

Pacific Capital Group(financing arm of 'Global Crossing') $2,000
Enron $1,000
Arther Andersen $4,000
Brownstein, Hyatt et al $5,000
Waste Management, Inc $2,000
PECO Energy $1,000
Lippo Group $2,525
Cleveland Browns $1,000 - (This one for Hugh)

[Libertarianize the GOP]

bump

[RonDog]

"Behind every fortune is a great crime"

Most spot on truthful quote I've ever seen!

Whose the attributed author?

From www.brainyquote.com:

"Behind every great fortune there is a crime."
Honore de Balzac

[Roger_W_Isom]

How SOON does DASSHOLE RECUSES himself on this OBVIOUS CONFLICT OF INTEREST????? ROFLMAO

NOT!!!! ROFLMAO

[d14truth]

I see by your article that Norm Brownstein should be added to this list.

[d14truth]

David Lee Where have I seen that name before?