Martin,
According to the last GBLX 10-Q which does not include any Frontier numbers, the number of GBLX shares outstanding was 447.5 million fully diluted.
sec.gov
From the 5/21/99 press release: “Also as part of the agreements concerning the merger and the tender offer, the shares of Global Crossing controlled by Canadian Imperial Bank of Commerce, Continental Casualty Corp., MRCo (an affiliate of Union Labor Life Insurance Co.), or their affiliates, and the individual founders and executives on Global Crossing's Board, which in aggregate represent approximately 78% of the equity of Global Crossing, have agreed not to sell their shares without the Company's consent until after Global Crossing's pending acquisition of Frontier Corporation (NYSE: FRO - news) has been completed.”
206.132.184.108
78% of 447.5M shares is 349M shares which insiders held prior to the Frontier merger.
From the 9/2/99 press release: “The merged company will be approximately 55 percent owned by current Global Crossing shareholders and 45 percent owned by current Frontier shareholders.” Also, “In addition, shareholders representing more than two-thirds of the equity of Global Crossing, in addition to Joseph P. Clayton and Rolla P. Huff, Frontier's president and chief operating officer, have agreed not to sell any of their shares of Global Crossing within six months of the close.”
206.132.184.108
Those numbers roughly jibe with Yahoo's post-Frontier share total for GBLX of 794.8M. Assuming insiders still own their 349M shares, which I'm sure they do, they hold 44% of the outstanding 794.8M shares.
This leaves 445.8 M shares in the float. Shares short as of 1/15/00 were 26.4M, or only 6% of the float.
Re your comment, "The # shares shorted is BIG, and it is directly related to other players holding back the share price....hoping for additional time to prevent buyouts, making them too costly...,"
I simply disagree. As a percentage of either shares outstanding or of the float, the number is not that large. Days to cover is only 2.5 days which is rather average in my experience. While shorts can do a company harm, I'd say that claim is invoked far more than is actually true. It's more market lore than reality and I see no real effect with GBLX.
CF Rebel
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