Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: TechMkt who wrote (6301)	5/25/2000 5:40:00 PM
From: TechMkt	Read Replies (1) \| Respond to of 15615

One thing I noticed about the insider selling is that it occured from 10-13 April when the stock price was about 30. Therefore, these guys didn't get a real bargain. Thye probably did it to diversify their holdings, just as most company execs due. Fez

To: TechMkt who wrote (6301)	5/25/2000 6:40:00 PM
From: CF Rebel	Respond to of 15615

Fez, The insider selling issue is not news. Why would Bloomberg "News" report something today that was news on March 31st? <<HAMILTON, Bermuda--(BUSINESS WIRE)--March 31, 2000--Global Crossing Ltd. (Nasdaq: GBLX - news): $1.25 billion of common stock and $750 million of convertible preferred stock to be sold by company; $1.25 billion of common stock to be sold by current shareholders in connection with the planned offering Selling shareholders and management agree not to sell additional shares for specified periods Proceeds will be used for expansion of products and services on the Global Crossing Network Global Crossing also announces intent for initial public offering of Asia Global Crossing common stock Global Crossing Ltd. (Nasdaq: GBLX - news) announced today its intent to offer common stock and cumulative convertible preferred stock in two separate offerings. Global Crossing intends to sell $1.25 billion of common stock and $750 million of cumulative convertible preferred stock, and current shareholders intend to sell $1.25 billion of common stock in connection with the planned offering. The company expects to complete both offerings during April. Global Crossing expects that proceeds from these equity offerings -- combined with proceeds from equity and debt financings to be completed this year by its Asian joint ventures and other subsidiaries and affiliates -- will fully fund all of Global Crossing's anticipated business expansion activities for the year. The common stock offering is expected to include 58 million shares, one half to be sold by the company and one half by certain current shareholders. The total value of the common stock offered will be approximately $2.5 billion based on the March 30, 2000, closing price of $43.313. The common stock sold by the company, combined with the three million shares of cumulative convertible preferred stock, each share with a $250 liquidation preference, are expected to provide approximately $2 billion of gross proceeds for the company. The final common stock offering price and the terms of the cumulative convertible preferred stock are expected to be determined in April. All selling shareholders who are part of the company's management as well as all other executive officers of the company have agreed not to sell additional shares during the 90-day period following the offering. Selling shareholders who are not part of management have agreed not to sell any additional shares before May 25, 2000.>> As we know, the stock dropped from $43 to $33 by the time they sold. But, big deal. Insiders still have a ton of shares that they will sell over time. Insiders may, as of tomorrow from what I read, begin selling more and I wouldn't doubt that this is the main reason for the drop to absurdly low levels. I laugh at those selling at todays price. It gives new meaning to the term "laughing stock." CF Rebel