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Technology Stocks : Williams Communications Group - WCG -- Ignore unavailable to you. Want to Upgrade?

To: AV8R who wrote (592)	2/25/2002 4:27:45 PM
From: HEP_Ronin	Read Replies (1) \| Respond to of 609

My cost basis is about 46-cents. So I'm only "down" by about 55%. Somebody on the Global Crossing board suggested that the real reason for the bankruptcy filing(GX) is to dump the preferred shareholders. It seems that the game, in any case for less-than-scrupulous management, is to erase debt and come back again relatively debt-free. The problem is that management puts themselves above the shareholders when they're actually there to serve the shareholders. I don't see how a company can declare bankruptcy when by their own statement there is enough cash to keep the company going for at least another year. Somehow they seem to be claiming that the Chapt-11 possibility is being forced upon them by creditors claiming the company is in violation of some-or-another agreement. While it may seem like a fantastic excuse -- and time will tell I suppose -- the thought of greedy creditors trying to pick up assets for pennies on the dollar would not be hard for me to imagine. In other words the management may not be saying "We wouldn't do that to you. Our sole motivation is to maximize shareholder value." Instead they may be saying "There are guys out there who are worse than us, and we're trying to avoid letting the company be sold out from under us at fire-sale prices." Just a thought.