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

To: RobertSheldon who wrote (11863)	6/16/2001 8:17:28 PM
From: 249443	Read Replies (3) \| Respond to of 15615

Believable Comments? Robert -- you have been an apologist for Global Crossing -- for quite some time now. For what reasons? Who knows. You have created an aire of unbelievability. (Money managers can not hold onto a stock while it drops from the $40's to $8. Somehow you have managed while others have failed.) You indicate that insiders are selling because they are rich. I don't know whether to laugh or wonder if someone actually believes this nonsense. (Insiders don't sell if they feel that the stock price is undervalued -- unless they have too much of any one stock -- not because "gx" insiders are so rich that they don't care what price they sell at!) The facts are: Global Crossing has paid outlandish sums to management officials throughout their history. Global Crossing is on the edge of bankruptcy due to their leveraged balance sheet. (Check with the specialists that handle such issues as credit worthiness, over-leveraged, pros and cons of bankrupcty filings, etc.) Global Crossing would be better off with a bankrupcty filing due to the ability to wipe off their debts and begin fresh with a new deck of cards. The stock has simply been a swindle on the individual investor. Would anybody actually be surprised with a bankruptcy filing? One must be fooling themselves to think otherwise. To tell us that insiders are selling because they are too rich is ridiculous. Please don't tell us it's raining and then piss down our legs. It's fun to read your thoughts though. If I were long the stock, it would make it much more bearable to hold! :) "...To those reading this that sounds like real money. And gosh, they must be selling for some devious reason (remember ~ don’t trust those money grubbing rich!). But in all reality it is a fraction of their net worth. Also, the reality is that most of these folks have a terrible record of timing. Most do not care about the true value of a $10M-$125M piece of their wealth. For example for someone worth $2B, $10M is merely 0.5% of his or her net worth. So what if the investment is worth three fold higher – it still barely amounts to anything. What if they have this really good deal that will get them a guaranteed rate of return in a short amount of time? What if they are like most individual investors and get tired of looking at a loss on their balance sheet? What if, as in the case of the GX founders, their cost basis is (on average) <$0.125 per share? (By the way, due to special tax treatment they can often redeploy the proceeds without incurring capital gains)..."