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Technology Stocks : WCOM -- Ignore unavailable to you. Want to Upgrade?

To: JimieA who wrote (11328)	7/17/2002 12:08:45 PM
From: Oeconomicus	Read Replies (2) \| Respond to of 11568

Did Williams Dupe Ex-Unit With Bankruptcy? thestreet.com Excerpt: Williams spun off Williams Communications in April 2001 with assurances that the company had enough funding to carry it into 2003, by which time it would supposedly be self-supporting. Instead, the struggling communications company -- cast from its parent with a $5 billion debt load -- filed for bankruptcy protection a day shy of the one-year anniversary of its spin-off. Under a lockup agreement reached just before the bankruptcy filing, Williams Communications' creditors are promised all shares in the reorganized company. Williams -- which became the company's largest creditor through a series of transactions in the weeks before the bankruptcy filing -- stands to receive 48% of those shares. Malice Aforethought? Williams Communications shareholders accuse both Williams and Williams Communications of intentionally defrauding investors.