Global Crossing - GX (formerly GBLX) Message Board

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Technology Stocks : Global Crossing - GX (formerly GBLX)

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To: M. Frank Greiffenstein who wrote (1633)	9/1/1999 7:23:00 PM
From: Teddy	Read Replies (3) of 15615

I do have to say that that i am pleased (and surprized) that Managent is showing good faith by extending their lock up again. They own like 77%. The original lock up was one year from the IPO. They limited the amount the sold in the $62 USWorst tender so all shareholders could participate. Extended their lock up until the FRO merger closed. Now, it is reported, they are going to extend it for 7 more months: 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. I asked my Dad the famous Bean Counter about share buybacks. He said it is very common for established companies (like 28 of the DOW 30 have bought back stock in the last 3 years), but rare for new companies (Intel is big on buybacks). Most Cyclical's (especially oil and oil service) have buyback programs in place at all times, but only actually buy when the price is down. He said it should be considered a good thing: the company believes its stock is under priced and will go up in the future. Also, there are rules they must follow like the most they can buy about 1/3 of the shares traded each day and can not buy in the last hour. The idea is to provide stability, not manipulate the price. 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. In Global Crossing case, it may be because FRO is in the S&P and (most likely) GBLX will not be. Hey! We are in the Nasdaq 100. The stock was going in the right direction until CNBC started yapping. Anyway, i think the FRO meeting starts at 10:00 tonight. Does anyone remember Gary Winnick's pager number?

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