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Technology Stocks : GX Investors Thread
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To: Paul Kern who wrote (552)2/23/2002 11:11:07 AM
From: M. Charles Swope  Read Replies (2) of 586
 
So far as I can tell, the MOST existing shareholders can hope for is the right to retain an interest in the post-bankruptcy company by investing more in it. That, I think, is the kind of deal the shareholder group trying to put together a counter offer to the Hutchinson/Singapore deal is working on.

Today's NYT has an article detailing the tangle of relationships between members of the Global Crossing board and other companies dealing with them and bidding to take over the company. Some excerpts:

"Mr. Winnick's decision to step down from K1's board came a day after The New York Times (news/quote) reported that he and Mr. Green did not inform Global Crossing's directors of K1's ties to Singapore Technologies. Both companies are controlled by Temasek, one of Singapore's two main holding companies, although K1 said yesterday that it operated independently."

"The relationship between Mr. Winnick, Mr. Green and the Singapore company might not have attracted so much attention except that the Global Crossing board itself has had a significant number of conflicts of interest. Those conflicts raise issues about the board's ability to act solely in the interest of shareholders."

"'We don't have all the facts, but this web of relationships is not business as usual.'"

nytimes.com
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