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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (60594)	2/15/2002 3:42:34 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Global Crossing Dumped Millions Into Chairman's Own Firms foxnews.com Thursday, February 14, 2002 LOS ANGELES — Global Crossing chairman Gary Winnick controlled companies that had lucrative dealings with the fiber optics network firm before it imploded, regulatory filings show. The special relationships between the firms added an undisclosed amount to the personal profits of Winnick, who sold $734 million worth of stock before the company began bankruptcy proceedings on Jan. 28. The dealings involved Global Crossing paying millions of dollars to a privately held merchant bank and its subsidiaries founded and controlled by Winnick. The fees paid to Winnick through Pacific Capital Group Ltd. and its subsidiaries covered real estate leases, corporate aircraft fees and financial advice, according to documents filed with the Securities and Exchange Commission. In one deal made in October 1999, Global Crossing agreed to pay North Cresent Realty, a subsidiary of Pacific Capital, $400,000 a month to lease office space in Beverly Hills. Pacific Capital then subleased space back to North Cresent Realty for $53,000 a month.