Global Crossing - GX (formerly GBLX) Message Board

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Technology Stocks : Global Crossing - GX (formerly GBLX)

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To: Nick Papa who wrote (735)	4/28/1999 12:41:00 PM
From: sPD	Read Replies (1) of 15615

An interesting hidden GBLX asset play in current Forbes' Streetwalker Forbes Magazine May 3, 1999 Unlikely Internet stock CNA FINANCIAL (NYSE: CNA), the $62 billion (assets) property and casualty insurer 85% owned by Loews Corp., also owns 40 million shares of Global Crossing, the fiber-optic telecommunications company profiled on the cover of FORBES last issue. The stake is now worth $2.3 billion. CNA also owns 100 million shares of London's Canary Wharf, worth $550 million. Unrealized gains on these two holdings come to $15.50 a share (before gains taxes) atop CNA's $48 stated book value. Yet CNA sells for only $36—in a market where most big insurers sell above book. Insiders are buying. CNA's new chief executive, Bernard Hengesbaugh, bought 321,877 shares in early March at $37, and borrowed $12 million from CNA to do it. In December Loews picked up some additional shares at $38. –ROBERT LENZNER

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