Date: Wed Jun 26 2002 - 05:18:43 EDT
Bankruptcy filing to lose the restated 5 quarters, followed by
emergence and prosperity. <sarcasm> After all, isn't the saving of
fraudulent transactions made by suffering telecoms the whole "prupose" of
today's bankruptcy courts? </sarcasm>
Operationally, I believe the biggest impact will be indirect: losing
17K+ bodies will not make WC an easy giant to work with :-(
On Wed, 26 Jun 2002, Deepak Jain wrote:
> The upside, and the operational piece is that judging by all the
> insolvencies upto now have done little to effect existing services that are
> in place.
> Deepak Jain
> -----Original Message-----
> From: [mailto:]On Behalf Of
> Eric Germann
> Sent: Tuesday, June 25, 2002 10:28 PM
> Subject: RE: How low can Worldcom stock go?
> Sensitivity: Confidential
> Accoriding to Reuters:
> -- WorldCom sees $2 billion a year in cash savings.
> -- WorldCom will lay off 17,000 workers starting Friday, which will save
> about $900 million annually.
> -- WorldCom will sell off non-core businesses, including South American
> assets, and its wireless resale business, which will save $700 million
> -- WorldCom will save about $375 million annually by paying some preferred
> dividends in common stock, not cash, deferring some dividends, and
> discontinuing the dividend on the its MCI tracking stock.
> -- WorldCom will also cut capital expenditures in 2002 and forecasts 2003
> capital investment at $2.1 billion.
> The usual stock sites have the releases. Ironically, Anderson stated
> tonight their work complied with accounting standards.
> Wonder where the 17,000 souls are going to come from?
> > -----Original Message-----
> > From: [mailto:]On Behalf Of
> > Eric Germann
> > Sent: Tuesday, June 25, 2002 7:03 PM
> > To:
> > Subject: How low can Worldcom stock go?
> > Sensitivity: Confidential
> > Any bets where they will bottom out at? Lets see if they can
> > beat Adelphia
> > at $0.05 on 6/21/02
> > ----
> > >From WSJ Tech alerts.
> > WORLDCOM UNCOVERED what appears to be one of the largest
> > corporate frauds in
> > history with the discovery of more than $3 billion in expenses that were
> > improperly booked as capital expenditures.
> > For more information, see:
> > http://online.wsj.com/article/0,,SB1025044139757626480,00.html
> > ==========================================================================
> > Eric Germann CCTec
> > Van Wert OH 45801
> > http://www.cctec.com Ph: 419 968 2640
> > Fax: 603 825 5893
> > "The fact that there are actually ways of knowing and characterizing the
> > extent of one’s ignorance, while still remaining ignorant, may
> > ultimately be
> > more interesting and useful to people than Yarkovsky"
> > -- Jon Giorgini of NASA’s Jet Propulsion Laboratory