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Technology Stocks : GX Investors Thread -- Ignore unavailable to you. Want to Upgrade?

To: Bonzo who wrote (194)	8/29/2001 7:07:44 PM
From: BWAC	Read Replies (2) \| Respond to of 586

<You don't buy back stock when you are laying off hundreds of employees, closing dozens of worldwide offices and aligning projected expenses with lowered revenue guidance.> Whoa. Hang on a second there. The reduction in workforce was done due to the completion of the basic network and there being no need to continue to carry the previously required number of employees. Same with closing some of the worldwide offices. They were done due to the maturing nature of GX's operations according to what GX management says. As far as aligning expenses to revenues? Isn't that what businesses do in the normal course of operation? They align costs to revenues for profit. All of which has nothing to do with the decision to buy back stock or to not do so. GX SHOULD NOT buy back stock, they need every bit of cash on hand to fund the business plan. Just as you said. Management should use their own excessive GX salaried money to buy stock. Instead of using the company's needed liquid capital.

To: Bonzo who wrote (194)	8/29/2001 8:52:08 PM
From: M. Charles Swope	Read Replies (4) \| Respond to of 586

Following is the reply I received from GX Investor Relations concerning the value of GX's investment in Exodus: "... The value of Global Crossing's Exodus shares was marked down during the 2nd quarter 2001. This mark down is reflected within the 10-Q for the 2nd quarter of 2001. The Exodus shares were marked down to $223 million at June 30, 2001." Looks like another $100 million will have to be written off at the end of Q3.