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

To: jopawa who wrote (9511)	12/18/2000 11:00:41 PM
From: matt dillabough	Respond to of 15615

Global Crossing Ltd. Declares Dividends on Its Cumulative Convertible Preferred Stock Business Wire ~ December 18, 2000 ~ 9:57 pm EST HAMILTON, Bermuda--(BUSINESS WIRE)--Dec. 18, 2000--Global Crossing Ltd. (NYSE: GX) today announced that its Board of Directors has declared dividends, payable in cash, on its 6-3/8% Cumulative Convertible Preferred Stock; its 6-3/8% Cumulative Convertible Preferred Stock, Series B; its 7% Cumulative Convertible Preferred Stock; and its 6-3/4% Cumulative Convertible Preferred Stock. The dividend on the 6-3/8% Cumulative Convertible Preferred Stock ($100 liquidation preference) is in the amount of $1.59375 per share, is for the period from November 1, 2000 through February 1, 2001 and is payable on February 1, 2001 to holders of record as of the close of business on January 15, 2001. The dividend on the 6-3/8% Cumulative Convertible Preferred Stock, Series B ($ 1,000 liquidation preference) is in the amount of $15.9375 per share, is for the period from November 1, 2000 through February 1, 2001 and is payable on February 1, 2001 to holders of record as of the close of business on January 15, 2001. The dividend on the 7% Cumulative Convertible Preferred Stock ($250 liquidation preference) is in the amount of $4.375 per share, is for the period from November 1, 2000 through February 1, 2001 and is payable on February 1, 2001 to holders of record as of the close of business on January 15, 2001. The dividend on the 6-3/4% Cumulative Convertible Preferred Stock ($250 liquidation preference) is in the amount of $4.21875 per share, is for the period from October 15, 2000 through January 15, 2001 and is payable on January 15, 2001 to holders of record as of the close of business on January 2, 2001. About Global Crossing Global Crossing Ltd. (NYSE: GX) is building and offering services over the world's most extensive global IP-based fiber optic network, which will have more than 101,000 route miles, serving five continents, 27 countries and more than 200 major cities. Global Crossing's operations are headquartered in Hamilton, Bermuda, with principal offices in Los Angeles, California; London, England; Amsterdam, The Netherlands; Madison, New Jersey; Rochester, New York; Dublin, Ireland; and Miami, Florida. Visit Global Crossing at www.globalcrossing.com on the Web. Statements made in this press release that state the Company's or management's intentions, beliefs, expectations, or predictions for the future are forward- looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to complete systems within currently estimated time frames and budgets; the ability to compete effectively in a rapidly evolving and price competitive marketplace; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission. CONTACT: Global Crossing Ltd. Press: Tom Goff, + 1 310 385 5231 tgoff@globalcrossing.com Kim Polan, + 1 212 687 8080 kpolan@sardverb.com Analysts / Investors: Ken Simril, +1 310 385 5200 investors@globalcrossing.com 21:57 EST DECEMBER 18, 2000

To: jopawa who wrote (9511)	12/19/2000 9:42:01 AM
From: jopawa	Read Replies (1) \| Respond to of 15615

Wrong! Dispatches from the Front The Bond Market Is Angry By James J. Cramer 12/19/00 9:15 AM ET URL: thestreet.com Click here for the latest from James J. Cramer. If you want to look at why telco infrastructure stocks keep going down, you should look at the bond page, not the stock page. We have a whole new generation of investors who came of age when bonds were irrelevant because stocks were king. But the world's telco infrastructure is built with bond money, not stock money, and the bond market is angry. It doesn't want to give the telco networks any more money and it is afraid that the ones that borrowed money aren't going to return it. You may think this is irrational. For example, I am quite confident that Global Crossing (GLBX:Nasdaq)and 360 Networks (TSIX:Nasdaq) and Level 3(LVLT:Nasdaq), to name three big borrowers, are going to be able to pay their coupons (what they owe on the bonds). I am quite confident that only a handful more of these firms will outright default if the Fed starts easing soon. But some have already defaulted. Meanwhile, for some reason that I can't quite grasp, but I think is about to change, the high-yield bond funds that purchase this stuff are all under liquidation and getting dumped. I think that's a big mistake. In fact, in my closing chapter of working with Cramer Berkowitz I am telling my partners here that the only real value in this market right now, the coiled spring that will lead to huge returns, is in that high-yield bond market. I intend to park some of my money in one of these funds when I depart as I think that the risks are way overdone and the wholesale dumping of all high-yield paper will stop once the Fed starts easing. I am analyzing which funds make the most sense right now and will share that insight with you when I reach it. Make no mistake about it, though, the decline in the bond market is what is making these companies spend less, not the demand itself. Demand remains robust for more and faster lines. The money to pay for those lines is scarce though. And that matters more than the demand. Until you see more funds flowing into high-yield bonds, I don't think you will see the resumption in spending that we need to get for these stocks to reignite. -------------------------------------------------------------------------------- James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at jjcletters@thestreet.com. -------------------------------------------------------------------------------- © 2000 TheStreet.com, All Rights Reserved.