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Technology Stocks : Global Crossing - GX (formerly GBLX)
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To: Ally who wrote (11242)5/16/2001 2:40:21 PM
From: Bill Fischofer  Read Replies (1) of 15615
 
There will be no White Knights for the also-rans. Nobody wants to take on debt or otherwise bail out bondholders or shareholders in these issues. For guidance look to what happened to Iridium--shareholders left with nothing, bondholders settling for pennies on the dollar and clean debt-free assets going to the liquidation buyers. GX may buy selected assets at firesale prices but they won't be buying debt.
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