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

To: IKM who wrote (570)	3/14/2002 1:39:13 PM
From: Bonzo	Read Replies (1) \| Respond to of 586

I know, I know, 99% of the time shareholders end up with squat. And you don't have to be a Wall street professional to know the pecking order in a BK reorg. But what if this plan flys? Doubtful, but hey, maybe the shareholders of this incompetently managed and governed company will catch a break? It will require significant cooperation from the majority of creditors - no doubt. 05:07 PM DJ Global Crossing -2: KAB Wants Holders To Bid Separately An attorney for KAB Group LLC, an investment bank that has submitted a refinancing proposal, requested that his client be excluded from the bidding process so that shareholders can bid independently. KAB has said its offer will repay all creditors in full and leave shareholders with a 37% stake in the company. Fleet National Bank's attorney said he has not been apprised on the progress in the negotiations and would not support proceeding with the hearing on Tuesday without further information. Global Crossing filed for bankruptcy in January and listed $22 billion in assets and $12 billion in debts.

To: IKM who wrote (570)	3/15/2002 1:28:09 AM
From: Maurice Winn	Read Replies (2) \| Respond to of 586

Gidday IKM, yes I recall your days in QUALCOMM. A shame you sold before the big fun. Also, a shame you got in to Global Crossing. Not a very good record! I suppose you had some better investment decisions. Anyway, my question is, do you know what the relative positions of the various creditors are in Global Crossing? By that I mean, how much debt is in the queue ahead of the 4c in the dollar debt [the Senior Notes]? I'd be surprised if $12 billion in debt can be paid back to creditors [unless over a very long time]. Mqurice