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

To: Sir Francis Drake who wrote (13167)	8/5/2001 1:09:39 AM
From: gruetz	Read Replies (2) \| Respond to of 15615

A couple months ago GX management was asked if they were offered convertible financing in May when quite a bit of convert deals were being done. Casey responded that they had been offered but the company declined for issues related to settlement and they also didn't want to confuse shareholders w/r/t their fully funded status. The first reason was puzzling to me (ie. what settlement issues?) and the second seemed to me to be a bit of BS. In light of recent events, the extra money would have provided a nice cushion. The absence of that cushion is far more troubling for shareholders than would be the dilution on a convert at a conversion price of $18 (20% premium to $15 stock price at the time). What might have been the settlement issues? Could it be that they would have had to be more forthright with future guidance at a time when they didn't want to because Winnick and Walsh wanted to sell some GX stock?