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

To: Robert Sheldon who wrote (1977)	9/18/1999 12:29:00 PM
From: TechMkt	Read Replies (1) \| Respond to of 15615

Old story, but the bolded portion below is significant. A $500 million stock buy back is a very bullish sign. Fez ________________________ Global Crossing and Frontier Amend Merger Agreement to Increase Deal Certainty Boards and Management Reaffirm Commitment to Strategic Combination Highlights of Merger Amendments - The exchange ratio will now be fixed at 2.05 Global Crossing shares for each Frontier share. - Because of the fixed ratio, the Frontier walk-away right, as it relates to Global Crossing's stock price, has been eliminated. - Global Crossing has agreed to institute a stock repurchase program of up to $500 million promptly following the close of the merger. - Key management and inside shareholders of Global Crossing and Frontier have agreed to enter into or to extend their 'lock-up,' and not sell their shares for at least six months following the completion of the merger. The inside shareholders of Global Crossing also have agreed to create and implement an orderly disposition program thereafter if they wish to sell. - The parties are working to meet an expected closing date later this month.

To: Robert Sheldon who wrote (1977)	9/20/1999 9:25:00 AM
From: AurumRabosa	Read Replies (1) \| Respond to of 15615

Robert, I read all these Barron's articles and I fail to see the similarities. Could you please elaborate on some specifics? Wasn't the point of the Barron's comments regarding GBLX directed at how they'll be forced to report future earnings streams based on the sale of "dark fiber" due to an accounting rule change? If the new accounting standard that has already been applied to terrestrial dark fiber sales is also applied to aquatic dark fiber sales, and I think it will be, they'll have to amortize the earnings over 20 years instead of showing huge earnings up front. The GBLX CFO's letter was also published in Barron's and he made a half-hearted attempt to convince readers to believe his dogma. "Trust me," was all I heard him say, they won't apply the rule to land-based dark fiber. That's a real stretch of the imagination but easy to swallow if one also swallows the "New Era" paradigm. OTOH WCOM is selling lit fiber and other services. "Funny that this weeks barron's praises WCOM for the same basic reasons it lambasted GBLX last weekend. What a bunch of hacks."