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

To: Teddy who wrote (6211)	5/22/2000 8:10:00 PM
From: TechMkt	Read Replies (2) \| Respond to of 15615

Tyco responds. A day late and a dollar short. The best defense is a good offense. Glad to hold GBLX vice Tyco. Fez _______________________________ Tyco International Responds to Global Crossing Press Release PEMBROKE, Bermuda, May 22 /PRNewswire/ -- Tyco International Ltd. (NYSE: TYC; LSE: TYI; BSX: TYC), a diversified manufacturing and service company, today issued the following response to a press release issued earlier by Global Crossing Ltd. in which Global Crossing announced that it had filed a lawsuit against Tyco Submarine Systems Ltd. (TSSL), a subsidiary of Tyco International Ltd: "We have not yet seen a copy of the lawsuit. However, we believe that the announcement issued late this afternoon is part of an ongoing effort by Global Crossing to avoid payment of outstanding balances due as a result of work performed by TSSL. "We have tried to resolve this matter amicably. We were proceeding on that basis when Global Crossing issued its press release, which we believe was issued for tactical reasons, rather than for substantive or worthwhile legal concerns. "Our shareholders can be certain we will defend ourselves vigorously."