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Technology Stocks : Global Crossing - GX (formerly GBLX)
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To: zyx1996 who wrote (11269)5/16/2001 9:36:14 PM
From: Ally  Read Replies (3) of 15615
 
Zeren, no sweat on the dividend payment on the senior preferred shares. GX has option to issue additional preferred stock instead of cash dividend. The cash payment, instead of stock, is an indication that the company is not cash starved. It has paid cash dividends on the senior preferred shares since the shares were first issued in December 1998.

Yes, the shareholders of this particular series now have it good with a 10.5% dividend rate, but do remember that they were the first to take the risk of funding GX at inception. GX could have turned out otherwise, in which case, the shareholders would have lost their capital.

Read page F-28 of 10K for description on this senior preferred stock.
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