Anthony @ Equity Investigations, Dear Anthony, Message Board

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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: dacoola who wrote (75988)	5/20/2002 11:09:03 AM
From: bigbuk	of 122087

GBLXE now .23 from .04 today Unsecured creditors will receive $50 million in cash and zero cost warrants convertible to approximately 3 percent equity in the reorganized company. Existing shareholders will retain approximately 25 percent equity and will be allowed to purchase warrants convertible to an additional approximate 25 percent of the equity in the reorganized company. Under Chapter 11 bankruptcy rules, Global Crossing's management has an exclusive right for 120 days to submit a formal plan of reorganization. Pascazi asserted that as soon as that period of exclusivity ends, now expected to be in late June, Fiber Optek intends to submit its competing plan to the bankruptcy court.

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