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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: jlallen who wrote (227048)	2/14/2002 8:51:08 AM
From: Bill	Read Replies (3) \| Respond to of 769670

Looks like GX is gonna make enron look clean. This came out today. Pacific Capital Group Winnick controlled Global Crossing by holding his shares in the name of his Beverly Hills-based investment company, Pacific Capital Group. According to SEC filings, Pacific Capital also received millions of dollars in fees and additional stock warrants from Global Crossing. The relationship between these two companies is likely to go under the SEC's microscope. The companies were intertwined in other ways. Lodwrick Cook, co-chairman of Global Crossing, was a managing director at Pacific Capital Group. He also sold stock in May of 2001: 763,688 shares for estimated proceeds of $9 million. Debt Structure & Financing Global Crossing Ltd., itself, was formed as the umbrella company underneath which were a collection of subsidiaries: Global Crossing Holdings Ltd., Pacific Crossing Holdings Ltd., Mid-Atlantic Crossing Holdings Ltd., Pan American Crossing Holdings Ltd. Each of these companies, in turn, were “project financed,” held separate portions of the corporate debt, and raised money through equity offerings. All of this, in turn, was controlled by majority stakeholder Pacific Capital Group, which was in turn controlled by Garry Winnick. Got that? The complicated nature of the corporation raises questions about how it was financed, and whether all of the debt and equity financing was accounted for on the balance sheet of the parent company, Global Crossing Ltd. lightreading.com; TERRY MCAULIFFE IS WINNICK'S PARTNER IN PACIFIC CAPITAL. I smell jail time coming...