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Topic: Global Crossing

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	Global Crossing - Wikipedia, the free encyclopedia
		Global Crossing was generating a great deal of publicity through things like its NASCAR racing sponsorship and the rescue attempt of a Russian submarine, but its business triumphs were lacking.
		Global Crossing refused to fund the line and a month later, in January, 2002, the company filed for Chapter 11 bankruptcy protection and its assets were ultimately sold to Asia Netcom, a subsidiary of China Netcom.
		Global Crossing's political contributions tended to be fairly evenly distributed between Republican and Democratic parties, with co-chairman Winnick tending to favor Democrats and co-chairman Cook favoring Republicans.
	en.wikipedia.org /wiki/Global_Crossing (2106 words)

	Case on Global Crossing
		Global Crossing over the last five years has simply developed one of the most in-depth and comprehensive communication systems in the world.
		Global Crossings international ventures began with a plan in 1997 to join the United States, U.K., and Germany with a fiber optic cable that would stretch across the Atlantic.
		Global Crossing is currently working on a restructuring plan and only time will tell if they can get back on their feet again.
	oak.cats.ohiou.edu /~an169700/esp/case.htm (1932 words)

	Former Global Crossing exec to sue company (Site not responding. Last check: 2007-10-09)
		Global Crossing has said Olofson's allegations are "completely without merit" and has described him as an embittered former employee trying to extract a cash settlement.
		Global Crossing, which controls about one-fifth of the fiber optic capacity leaving the United States, is based in Hamilton, Bermuda, but has maintained an executive office in Beverly Hills.
		A spokeswoman for Global Crossing said Perrone's move from an auditor to company insider was questioned by the SEC around the time it was preparing for the initial public offering (IPO) of its Asia Global Crossing unit.
	www.usatoday.com /tech/techinvestor/2002/02/21/global-crossing.htm (741 words)

	Global Crossing denies shredding documents - Jun. 24, 2002 (Site not responding. Last check: 2007-10-09)
		A receptionist at Global Crossing's New Jersey offices, Cathleen Kicak, said in a sworn affidavit that two employees left a storage room where she saw a shredding machine sitting on a garbage pail and heard it operating just before they left.
		Global Crossing, which is gearing up this week to assemble a new consortium of investors that can allow the firm to operate as an independent company, said it sent a reminder to employees June 17 of their obligation to preserve company documents.
		Global Crossing did admit that some documents, such as confidential client or customer information as well as drafts of employee evaluations or commercial bid documents, have not been preserved or were shredded.
	money.cnn.com /2002/06/24/technology/global.reut/index.htm (664 words)

	Global Crossing - Investors
		Global Crossing has initiated a plan to streamline and focus its operations to broadly serve global enterprise customers with higher margin IP converged and managed services offerings and to de-emphasize lower-margin legacy services, specifically wholesale voice.
		Global Crossing's strategy is focused on serving multi-national enterprise, government and carrier customers with Internet protocol ("IP") and high performance networking solutions.
		The Global Crossing Network is monitored from multiple, global network operating centers 24/7, providing redundancy and serving as a single point of contact for all service matters.
	investors.globalcrossing.com (724 words)

	Global Crossing Was Big Giver to Campaigns in New York - Global Policy Forum - Social and Economic Policy
		Global Crossing and its executives, already big contributors to federal campaigns and candidates in their home base of California, began making modest contributions to New York State political committees in 1999, when the company bought the Frontier Corporation, a phone company based in Rochester.
		At the time of the contributions, Global Crossing was seeking the state's permission to sell Frontier and most of its assets to Citizens Communications of Connecticut for $3.6 billion in cash.
		As part of that sale, Global Crossing tried to retain control of Frontier's nearly $700 million pension fund, even though most of the employees covered by that fund were moving to another company.
	www.globalpolicy.org /socecon/tncs/2002/0219GlobalXingCamp.htm (1514 words)

	global
		Global Crossing Ltd. Chairman Gary Winnick said Tuesday he was not informed about the fiber optic company's deteriorating financial condition before he sold $123 million in stock.
		Congressional investigators are looking into whether Global Crossing and Qwest Communications engaged in ``sham transactions designed to boost revenues'' and thus give investors and financial analysts a misleading picture of the companies' financial health.
		Global Crossing has since been bought by two Asian companies for $250 million, a fraction of the $22 billion in assets listed in the bankruptcy filing.
	www.globalaging.org /pension/us/private/global.htm (758 words)

	ITworld.com - Global Crossing battles accounting controversy
		Global Crossing's bankruptcy, declared in January, is the largest of any telecommunication company to date, and the fourth-largest in U.S. history.
		Global Crossing's investors face the loss of substantially all of their investment in the proposed bankruptcy restructuring.
		Global Crossing's cash revenue measurement was defined as GAAP revenue plus the cash portion of the change in deferred revenue.
	www.itworld.com /Man/2681/020211globalcrossing/page_1.html (2023 words)

	BBC News \| BUSINESS \| Echoes of Enron in telecoms collapse
		Global Crossing, a telecoms network firm that was briefly one of the shiniest stars of the hi-tech firmament, filed for Chapter 11 bankruptcy on 28 January.
		In 1997, when Global Crossing was founded, the commercial logic of such heavy investments looked impeccable: there was a global shortage of the sort of high-capacity cable needed for data transmission, and the stellar growth of the internet promised the sort of demand that established telecoms firms were unable to understand, much less supply.
		Global Crossing's largesse was spread evenly between parties, but was focused on politicians most likely to mould telecoms policy.
	news.bbc.co.uk /1/hi/business/1813847.stm (1184 words)

	FBI, SEC investigating Global Crossing - Feb. 8, 2002
		Global Crossing, one of the largest U.S. owners of fiber-optic cables linking the United States to Europe and other areas of the world, offered no further details.
		Global Crossing filed for Chapter 11 bankruptcy protection on Jan. 28, with about $12 billion in debt and assets of more than $22 billion.
		Global Crossing was also dragged down by a slowdown in corporate spending on telecommunications technology, the hangover from a spending bubble in the late 1990s.
	money.cnn.com /2002/02/08/news/global_crossing (572 words)

	Tech Insider: A global government crossing (2/11/02)
		Global Crossing chairman Gary Winnick, a former junk bond salesman, curried the favor of elected officials in both major parties.
		Despite Global Crossing's financial insolvency and dual investigations by the Securities and Exchange Commission and the FBI into the firm's accounting practices, Paul Kayatta, head of Global Crossing's government sales unit, says the firm is "very much still in the competition" for the DREN contract.
		Meanwhile, Global Crossing's accounting practices are under scrutiny by federal regulators in the wake of accusations by Roy Olofson, the company's former vice president of finance, that executives engaged in transactions that artificially inflated the firm's revenue.
	www.govexec.com /dailyfed/021102ti.htm (1464 words)

	BBC NEWS \| Business \| FBI launches Global Crossing probe
		A Global Crossing spokeswoman declined to comment, but said that it was company policy to co-operate fully with all investigations.
		Concerns over the Global Crossing case were also heightened after documents filed on Friday said that the firm agreed in October to eliminate the $10m outstanding of a $15m loan made to chief executive John Legere.
		Global Crossing, formed in 1999 from a merger between a Bermuda-based fibre optics cable specialist and a local US telecoms firm, was regarded as one of the most promising of the new generation of telecommunications providers that sprang up in the late 1990s.
	news.bbc.co.uk /1/hi/business/1809602.stm (415 words)

	Service streamlines enterprise migration to VoIP., Global Crossing, Ltd.
		Global Crossing was one of the first service providers to announce the replacement of legacy switches with VoIP switches in its network core, enhancing the seamless delivery of converged IP services.
		Global Crossing's Fast-Track(TM) services, a portfolio of wholesale business solutions, enables service providers to increase their speed-to- market and revenue realization by expanding their geographic reach, broadening their range of converged IP service offerings and providing a unified experience to customers around the world.
		Global Crossing IP services are global in scale, linking the world's enterprises, governments and carriers with customers, employees and partners worldwide in a secure environment that is ideally suited for IP-based business applications, allowing e-commerce to thrive.
	news.thomasnet.com /fullstory/471347/rss (1100 words)

	Global Crossing/New "GX" Merger Page
		Letter, filed on behalf of Global Crossing Ltd. and GC Acquisition Limited, to clarify the record with respect to the May 9, 2003 submission by GlobalAxxess.
		Comment, filed on behalf of David J. Fries, claiming that Global Crossing is a dishonest company, on the basis that they cashed in all the stocked options by the executive personnel but did not allow their stockholders to cash out when they knew they were going bankrupt.
		Comment, filed on David J. Fries, claiming that Global Crossing is a dishonest company, on the basis that they cashed in all the stocked options by the executive personnel but did not allow their stockholders to cash out when they knew they were going bankrupt.
	www.fcc.gov /transaction/globalcrossing-gx.html (4780 words)

	WebEx Powers Global Crossing's New eMeeting<sup>SM</sup> Service
		Global Crossing North America is a division of Global Crossing Ltd. (Nasdaq: GBLX).
		Global Crossing Ltd. is building and offering services over the world's most extensive global IP-based fiber optic network, which will have more than 101,000 route miles, serving five continents, 27 countries and more than 200 major cities.
		Global Crossing's operations are headquartered in Hamilton, Bermuda, with principal offices in Los Angeles, California; London, England; Amsterdam, The Netherlands; Morristown, New Jersey; Rochester, New York; Sunnyvale, California; and Miami, Florida.
	www.webex.com /pr/pr79.html (994 words)

	Global Crossing - One Planet, One Network (Site not responding. Last check: 2007-10-09)
		Global Crossing is the world's largest independent provider of global long distance telecommunications facilities, serving five continents and 24 countries utilizing a network of undersea digital fiber-optic cable systems.
		Global Crossings Inc. is a leading provider of long-distance telecommunication facilities and services, utilizing a network of undersea digital fiber-optic cable systems and associated terrestrial backhaul capacity.
		Global Crossing is a public company listed in both SandP 500 and NASDAQ 100.
	www.lansa.com /casestudies/global.htm (1538 words)

	Global Crossing Scandal
		The Global Crossing scandal has been virtually ignored by the liberal media, which have basically been trying to linger on Enron and ridiculously trying to make it out to be a Bush scandal despite strong evidence that it is another Clinton scandal.
		Global Crossing had its books audited by Arthur Andersen as well.
		Global Crossing used schemes to inflate its stock value.
	globalcrossinggate.tripod.com (241 words)

	Investors Stage Exodus From Global Crossing - Forbes.com (Site not responding. Last check: 2007-10-09)
		Global is trading below book value and still heading south; the share price fell more than 18% to $2.41 Sept. 26 after Exodus announced that it had filed for Chapter 11 bankruptcy protection.
		Global, which is based in Bermuda, said it will take a non-cash charge in the third quarter to reflect the current valuation of its 20% stake in Exodus.
		A bigger problem for Global Crossing is that it--like Exodus--is a not-yet-profitable telecom growth play that is carrying lots of long-term debt and facing a probable recession.
	www.forbes.com /2001/09/26/0926global.html (894 words)

	No Fines for Global Crossing (Site not responding. Last check: 2007-10-09)
		The move closes the book on the inquiry into Global Crossing's accounting for so-called reciprocal transactions, a maneuver that investigators believe many companies used to pad their results during the telecom boom of the late 1990s.
		Global Crossing filed for bankruptcy protection in January 2002 amid a swirl of accounting questions and the dramatic decline of the telecom industry.
		Some critics accused companies like Global Crossing of trading network capacity for equal bandwidth on other networks, and then treating incoming cash as revenue while charging the outlay as a capital expenditure over a longer period of time.
	www.thestreet.com /_tscrss/tech/telecom/10216955.html (322 words)

	ISP Planet - Resources - BackBone Guide - Global Crossing
		Global Crossing was founded in 1997, and now boasts a customer base that includes more than 35 percent of Fortune 500 companies, as well as over 700 carriers, mobile operators and ISPs.
		The company's global network was designed for the convergence of voice, video and data, and delivers services to the top commercial centers around the planet.
		Global Crossing's uCommand online account management portal allows clients to manage services through real-time access to the company's service delivery and customer assurance platforms.
	www.isp-planet.com /resources/backbones/global_crossing.html (434 words)

	Global Crossing bid may rise (Site not responding. Last check: 2007-10-09)
		Global Crossing's creditors are negotiating concessions from Global's primary bidders that could lead to higher offers for the troubled telecommunications company, say people familiar with the discussions.
		Global's creditors also want the two companies to reduce the $40 million breakup fee that they will collect if they lose Global to a rival bidder.
		Global Crossing, which built an international fiber-optic network, filed for bankruptcy reorganization Jan. 28, listing more than $12 billion in debt and $22 billion in assets.
	www.usatoday.com /tech/techinvestor/2002/03/06/global-crossing-bid.htm (395 words)

	Global Crossing's Final Crossing
		Winnick and Global Crossing management were investigated by the Securities and Exchange Committee, the Justice Department, and Congress regarding the timely sale of millions of dollars worth of stock just before Global Crossing began to sag under the weight of billions of dollars in debt.
		Global Crossing also maintained operations in Asia through its subsidiary Asia Global Crossing, which managed to stave off bankruptcy filings until November of this year.
		Global's ability to maintain its business stature within the telco industry despite its financial woes has led many analysts to believe that once the company emerges from bankruptcy reorganization, it will have no trouble regaining its market share.
	www.internetnews.com /bus-news/article.php/1562621 (986 words)

	CNN.com - Global Crossing deal 'may get nod' - Sep. 2, 2003
		The paper Tuesday quoted Global Crossing's Chief Executive Officer John Legere in an interview that he was sure the Singapore investment would be approved.
		But because Global Crossing's fibre-optic network carries sensitive information, members of the intelligence community questioned the deal on security grounds.
		Global Crossing has eight contracts with the US Department of Defense, none of which is classified or otherwise requires security clearance, the report said.
	cnn.com /2003/BUSINESS/09/02/singapore.global.reut/index.html (375 words)

	Global Double Crossing? - Today in Finance - CFO.com
		Global Crossing's new annual report is replete with details about its warts.
		By April 2002, an independent committee of Global Crossing's board revealed that Perrone had influenced the decision to enter into the agreement with Withit, "in a manner the committee deemed inappropriate," the annual report noted.
		The Global Crossing annual report also pointed out that prior to that relationship, the telecom company subleased about 4,125 square feet of office space in Chicago to Withit for about two years at a monthly rent of about $4,500.
	www.cfo.com /article.cfm/3011223?f=related (532 words)

	Global Crossing
		The Global Crossing ERISA Settlement proceeds were disbursed on May 17, 2005.
		The portion of the proceeds allocable to current or former employees of Global Crossing who did not become employees of Citizen’s Communications were disbursed to the Global Crossing 401(k) Plan.
		The portion of the proceeds allocable to former Global Crossing employees who became participants in the Citizen's Communications plan were disbursed to that plan.
	www.kellersettlements.com /global_crossing.html (331 words)

	Lucent, Global Crossing Move Ahead On IPv6 - News by InformationWeek (Site not responding. Last check: 2007-10-09)
		As for Global Crossing, the firm said this week that IPv6 is a standard service component in its global Internet Access Services.
		Global Crossing said its Multiprotocol Label Switching (MPLS) solution will be fully IPv6-enabled by the end of 2005.
		Global Crossing has been signing up customers to use its IPv6 features and the firm pointed to Ireland’s HEAnet national research center as a successful user of Global Crossing’s IPv6-enabled global backbone.
	informationweek.com /story/showArticle.jhtml?articleID=172300384 (521 words)

	Global Crossing eats Fibernet \| The Register
		Global Crossing's subsidary GC Acquisitions UK has its hands on 91 per cent of Fibernet stock, meaning it will be able to acquire the rest through compulsory purchases.
		Global Crossing CEO John Legere said: "The addition of Fibernet makes us an even stronger competitor, both in the UK and globally.
		The buy-up is expected to add around £43m to Global Crossing's revenues, with consolidation savings of up to £5.4m when integration is done and dusted in 12 to 18 months.
	www.theregister.co.uk /2006/10/12/global_crossing_buys_fibernet (354 words)

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