Big losses.Big Losses: Global Crossing Ltd., which plans to emerge from a bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most filing that cost investors $40 billion, said it had losses of $25.7 billion in 2000 and 2001, reflecting the falling value of its fiber-optic See fiber optics. network. The restated results, the first full-year of filings since 2000, highlight the collapse in demand for fiber-optic network capacity--as well as the company not properly reporting revenue from swaps of capacity with competitors. As the company emerges from bankruptcy protection, Global Crossing is selling a 61.5 percent stake to Singapore Technologies Telemedia Pte. Separately, J.P. Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Chase & Co. has filed suit against former Chairman Gary Winnick Gary Winnick was a founder of Global Crossing Limited, a telecommunications company providing worldwide computer networking services. He was CEO from the company's inception, 1997, until 2002. and other former officers and directors for $1.7 billion, alleging that Winnick and others had devised a massive scheme to hide the company's poor financial performance. |
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