I hope they have a good explanation at the Shareholders meeting, 15 June.
Fez
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Global Crossing insiders sell $278 million of shares
By Bloomberg News
May 25, 2000, 12:20 p.m. PT
HAMILTON, Bermuda--Global Crossing managers and others connected to the company, whose stock has fallen by nearly half this year, sold 8.39 million of its shares valued as much as $278 million.
Directors and managers of the telecommunications-network operator who sold from April 10 to April 13 included chairman Gary Winnick; Barry Porter, senior vice president of corporate development; and president David Lee, according to the Washington Service, which tracks insider trading. The shares, including some sold to exercise options, fetched $31 to $33.20 each. Winnick sold stock valued at $149 million.
Global Crossing shares have been down 47 percent this year. The Hamilton, Bermuda-based company and its shareholders unveiled a plan in March to sell $3.25 billion in common and preferred stock. The company planned to use the cash to expand products and services.
The company had 778.8 million shares outstanding March 31.
Global Crossing is building an undersea fiber-optic network for phone and Internet services. It sells time on the system, which will span 101,000 miles and five continents, to other phone companies, businesses and consumers.
The company is suing Tyco International, once its main fiber-optic cable supplier, accusing the company of stealing trade secrets. |
