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

To: M. Frank Greiffenstein who wrote (7866)	9/21/2000 11:03:33 AM
From: Jeff Jordan	Respond to of 15615

...hmmmm thx, JJ

To: M. Frank Greiffenstein who wrote (7866)	9/21/2000 11:54:05 AM
From: SecularBull	Read Replies (1) \| Respond to of 15615

"This Amendment No. 1 on Form 10-K/A amends and restates certain disclosure contained in the Company's Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 17, 2000. Specifically, this filing amends and restates Parts I, II and IV of the Annual Report on Form 10- K. On July 11, 2000, the Company entered into an agreement to sell its incumbent local exchange carrier business, acquired as part of the Company's acquisition of Frontier Corporation, to Citizens Communications for $3.65 billion in cash, subject to certain adjustments concerning closing date liabilities and working capital balances. This Amendment No. 1 on Form 10-K/A reflects the financial position and results of operations of the incumbent local exchange carrier business as discontinued operations for all periods since the date of the Frontier acquisition. In addition, pursuant to a limited review by and subsequent discussions with the accounting staff of the Securities and Exchange Commission, this Amendment No. 1 on Form 10-K/A adjusts the Company's consolidated financial statements for the year ended December 31, 1999 to revise the estimated useful life of the $1.5 billion goodwill related to GlobalCenter from 10 to 5 years. GlobalCenter was acquired in September 1999 as part of the Company's acquisition of Frontier Corporation. As a result, loss applicable to common shareholders increased by $41 million for the year ended December 31, 1999. This adjustment has no impact on the Company's cash flow or its compliance with debt agreements. This Form 10-K/A also updates various disclosures primarily related to the above."