WCGR - Williams Communications Group, Inc. Message Board

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Technology Stocks : WCGR - Williams Communications Group, Inc.

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To: jmhollen who started this subject	5/16/2002 3:02:31 PM
From: jmhollen	of 17

GlobalAxxess Announces Intent to Swap With WCGRQ Shareholders TULSA, Okla., May 8, 2002 /PRNewswire via COMTEX/ -- GlobalAxxess Holdings has announced its intent to submit a plan to the stockholders of Williams Communications Group ("WCG" Ticker Symbol "WCGRQ") that will protect their interests by swapping WCG shares for privately-held shares of GlobalAxxess. GlobalAxxess intends to submit a bankruptcy bid for WCG in such a manner that the WCG stockholders would not be wiped out. According to the current reorganization plan that was filed as the Chapter 11 bankruptcy it is intended to wipe out the economic interests of all out existing shareholders. See bankrupt.com . The Company intends to offer stock swap agreements that the WCG stockholders will be included in a reorganization plan that is sponsored by GlobalAxxess on behalf of WCG and its shareholders. Such swap agreements would be contingent upon bankruptcy acquisition of WCG by GlobalAxxess and subject to reaching agreements that would resolve matters with creditors, equity holders and other interested parties. The GlobalAxxess swap offers will be available to holders of the publicly traded shares, the WCG employees who would suffer loss to their 401(k) plans under the proposed reorganization, and the ERISA fraud claimants that have already filed suit against The Williams Companies and contemplating such action against WCG. See erisafraud.com . GlobalAxxess has indicated to WCG its desire to submit a proposal that would acquire the company and implement a comprehensive workout with creditors and shareholders but was not allowed into the negotiations prior to the April 22 bankruptcy filing. On April 12, GlobalAxxess notified WCG and legal counsel for the Unofficial Creditors Committee that a higher GlobalAxxess offer was open for discussions but the negotiations remained in "lock up" and a higher offer was not considered. As part of that bankruptcy filing, it was announced that the WCG equity holders would receive nothing in the proposed reorganization and the Williams Companies had offered $200 million and a conversion of creditor debt into equity shares of a new reorganized entity that would be owned by The Williams Companies and WCG creditors. Preliminary discussions between GlobalAxxess and creditor representatives commenced May 7. GlobalAxxess is engaged in the acquisition of multiple networks and consolidation of the assets into one operating company to deliver a broad range of services. GlobalAxxess believes that its consolidation approach will strengthen the surviving companies well beyond any standalone plan and build greater value for stockholders and creditors. Interested shareholders should register at the Williams Communications Shareholder Web site at wcgiso.com . GlobalAxxess is a privately held company and an initial public offering is planned for 2004 if market conditions permit. At time of an IPO, much of the losses of the WCG equity holders should be recoverable as well as those creditors who convert part of their claims into an equity stake during the reorganization process. SOURCE GlobalAxxess Holdings CONTACT: Karl Schwarz, Chairman and CEO of GlobalAxxess Holdings, +1-501-663-4959

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