WCOM Message Board - Msg: 19081356

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Technology Stocks : WCOM

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To: Charles Tutt who wrote (11544)	7/2/2003 7:48:42 PM
From: Oeconomicus	Read Replies (1) of 11568

WorldCom Agrees to Sweeten SEC Settlement 15 minutes ago Add Business - Reuters to My Yahoo! WASHINGTON (Reuters) - Shareholders and bondholders who lost money in WorldCom Inc. would receive $250 million of common stock in the reorganized company, according to a sweetened settlement the telecommunications company and the Securities and Exchange Commission (news - web sites) filed on Wednesday. WorldCom (Other OTC:WCOEQ - news), which entered bankruptcy protection last summer after being enveloped in an $11 billion fraud scandal, has already agreed to pay a record $500 million fine to settle SEC fraud charges. "The supplemental relief, if approved, would allow victims of the fraud to share in the potential upside of owning WorldCom common stock when it emerges from bankruptcy," the SEC said in a statement. The stock would be distributed by an agent appointed by a federal district court, according to the securities regulator. Both the bankruptcy court overseeing WorldCom's reorganization and the federal court handling the civil fraud charges against the company would have to approve the sweetened settlement.

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