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Technology Stocks : Global Crossing - GX (formerly GBLX)
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To: Daskin who wrote (1618)9/1/1999 5:10:00 PM
From: J Gunn  Read Replies (3) of 15615
 
Stock buyback? This was in David Faber's report:

In order to try and reduce any selling pressure on its stock price, Global is also planning on extending the lockup period under which insiders can sell their stock from the close of the Frontier deal to April 1, 2000. Included in the lock-up would be the two top officers of Frontier and institutions such as CIBC.
As well, sources say Global intends to rollout a share buyback plan to aid in supporting the combined companies? stock after the deal is done

I thought those were viewed as a BAD THING. Manipulation to support a weak stock price. I don't think I like that.

I thought they were going to use the money to build a fiber infrastructure. Now they are going into the business of "supporting" their stock price? HUH?
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