HAPPY EBBERS AFTER

The New York Post ^ | 07/23/2002 | PAUL THARP

[zandtar]

July 23, 2002 -- Bernie Ebbers could walk away from the WorldCom mess with $500 million in his pockets - if Uncle Sam doesn't throw him in jail and take it all. The flamboyant founder of the long-distance conglomerate managed to cash out hundreds of millions of dollars from the company in bonuses and options in recent years before it tanked from its cooked books scandal.

[zandtar]

It will be interesting to see what this self proclaimed good, "Christian" man does. Stand up and be responsible, or attempt to snake his way out of it. No word on Sullivan or what is up with his finances and his huge estate in Boca Raton he's building.

[Texas_Jarhead]

I think it's interesting to see how often his Christianity is referred to in printed articles. One never sees articles about other CEOs in which their religiosity or lack thereof is so consistently mentioned.

[ken5050]

Ebbers has a negative net worth....all the assets are pledged to the company for the loans....Sullivan is in big trouble.....He took a $10 million "retention " bonus from the company last year..the bankruptcy trustees will sue him for it now, amnd the big new place in Florida won't qualify for the homestead extemption under the bankruptcy laws...Scott has a real big problem.....his only chance, IMHO, to avoid prison time, is if he is able to roll over on the Wall Street investment banking firms, the analysts, and the banks..provide hard evidence that they participated in the frauds.....

[zarf]

Maybe he took lessons from the Catholic church on how to hide his ill gotten gains in real estate.

[AmericanInTokyo]

International flight possibility. I'd seize the man's passport......

[WKB]

He told his church "I am not a crook'. He told local TV "I am not a crook". Then took the 5th! DUH!

[zandtar]

I've noticed that too. His religion is constantly being referred to, but yet no one ever calls him on it. Personally, I'd like to know where in the bible it states Jesus taught people to screw over their neighbor for personal, materialistic, gain, all in the name of Christianity. Very surprising the media isn't after him on that, given how quickly they're ready to attack religion.

[zandtar]

Ebbers has a negative net worth....all the assets are pledged to the company for the loans

I think that remains to be seen. While he certainly has a number of assets, their marketable value is to be determined. He has that huge ranch in Canada as well, in addition to some trucking companies. Unfortunately civil lawsuits against him by shareholders won't be able to target his holdings, even though they were gained during his fraudulant representation to them.

Sullivan I'm not so sure about. The retention bonus is a contract, and since he wasn't employeed for the duration, he will have to give it back. Not sure what other investments he has on top of that.

[zandtar]

International flight possibility. I'd seize the man's passport......

Ebbers is a Canadian citizen.

[AmericanInTokyo]

Well, you learn something new everyday. I didn't know that!! ;-)