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Technology Stocks : Global Crossing - GX (formerly GBLX)
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To: Frank A. Coluccio who wrote (10635)4/14/2001 6:22:31 PM
From: Bill Fischofer  Read Replies (1) of 15615
 
Re: IRU payments

Payment for IRUs is up-front cash which GX recognizes over the 25 year term of the contract. You'd have to read the fine print, but the worst case scenario from GX's standpoint for an IRU buyer who goes bust is that the IRU becomes one of their assets which can be sold as part of liquidation proceedings. GX still has the up-front cash and would just be serving a different customer. Best case is that the IRU is non-transferrable in which case GX can sell it again to another buyer.
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