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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: Teddy who wrote (1317)	7/12/1999 5:16:00 PM
From: MangoBoy	Read Replies (1) \| Respond to of 15615

[Japan-US Cable Network Consortium granted Landing License by the FCC] WASHINGTON, July 12 /PRNewswire/ -- On Friday July 9, 1999, the Federal Communications Commission granted the joint applicants of the Japan-US Cable Network authority to land and operate the J-US CN, an ambitious $1 billion+ project to build a high capacity digital fiber optic submarine cable between Japan and the U.S. The application process lasted approximately 8 months and required numerous meetings with and presentations to the FCC. The FCC declined to impose the license conditions sought by Global Crossing Ltd. The Commission also found that the public interest under the Cable Landing Act would be served by this grant, subject to standard conditions applicable to all similar applicants. The consortium, which is made up of more than 40 global carriers, both large and small as well as traditional and new, is very pleased with the grant of its application. The new cable will bring substantial benefits to the public and its owners because of its large capacity and low unit costs. With this grant, the consortium can accelerate implementation of this important communications link between the US and Japan.

To: Teddy who wrote (1317)	7/12/1999 9:18:00 PM
From: Teddy	Read Replies (1) \| Respond to of 15615

Here's a berry berry interesting little monkey wrench that i found in the S4. Seems Master Deal Maker Gary Winnick is a couple of steps above the untrained amateures that think they can break the deal. This is mentioned several times, i am copying from page 104 (that's all i'm reading for tonight) (bold added for dramatic effect) Related Agreements Stock option agreement General Frontier and Global Crossing have entered into a stock option agreement giving Global Crossing the right to acquire shares of Frontier. The stock option agreement may prevent a third party from completing a pooling of interests transaction with Frontier and would make alternative transactions, including a merger with another company, significantly more expensive than would otherwise be the case. Accordingly, the stock option agreement may discourage third parties from proposing alternative transactions that may be more advantageous than the merger for Frontier shareholders. The stock option agreement gives Global Crossing an option to purchase shares of Frontier common stock at an exercise price of $62.00 per share. The maximum number of shares that Global Crossing may purchase under the option is 19.9% of the shares of Frontier common stock outstanding at the time of exercise. Based on the number of shares outstanding on the date of the merger agreement, the option allows Global Crossing to purchase 34,291,944 shares. We have attached the stock option agreement to this document as Annex B. We urge you to read the full text of the stock option agreement. Should be an interesting week: biz.yahoo.com