How low can Worldcom stock go?
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 ekgermann@cctec.com 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
Worldcom stands a chance of making money in the future, Adelphia has absolutely NO chance of ever regaining any sort of respectability. After all Wcom owns UUnet...they own the fat pipes.. Adelphia cries when it has to purchase a few T3's cause their cablemodem system is clogged... At 19:03 6/25/02 -0400, you wrote:
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 ekgermann@cctec.com 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
Worldcom stands a chance of making money in the future, Adelphia has absolutely NO chance of ever regaining any sort of respectability.
After all Wcom owns UUnet...they own the fat pipes..
Adelphia cries when it has to purchase a few T3's cause their cablemodem system is clogged...
The odds are that by 8am WCOM will be halted. It will become WCOME when the halt is done (if halt is done). By 1 month from now WCOM will be WCOMQ trading on pinksheets. Remember, this is just the beginning. Do you remember you WCOM bills for services that you had canceled years ago? That will come out as well... Alex
> Remember, this is just the beginning. Do you remember you WCOM bills for > services that you had canceled years ago? That will come out as well... Heh, just today, I received a bill from WorldCom for $75,097.30, for nothing in particular, that I can discern, which they claim to have been the unpaid accumulation of some monthly service from May, 1999 through the present. Um, yeah, right. :-) -Bill
I have a $132,000 bill for an $4k/mon oc3 that was installed less than a year ago. I have a $77,000 bill for UUNet bandwidth -- one months billing, according to them -- for a 9meg ds3. On Tue, 25 Jun 2002, Bill Woodcock wrote:
> Remember, this is just the beginning. Do you remember you WCOM bills for > services that you had canceled years ago? That will come out as well...
Heh, just today, I received a bill from WorldCom for $75,097.30, for nothing in particular, that I can discern, which they claim to have been the unpaid accumulation of some monthly service from May, 1999 through the present. Um, yeah, right. :-)
-Bill
-- Alex Rubenstein, AR97, K2AHR, alex@nac.net, latency, Al Reuben -- -- Net Access Corporation, 800-NET-ME-36, http://www.nac.net --
We are owed about $24,000 from UUNET for about 16 months now.. So far, quite a few people in the various departments seems to disappear after they realize an actual refund is necessary to resolve the problem, and no, we aren't a customer. Deepak Jain AiNET -----Original Message----- From: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of Alex Rubenstein Sent: Tuesday, June 25, 2002 9:09 PM To: Bill Woodcock Cc: nanog@merit.edu Subject: Re: How low can Worldcom stock go? I have a $132,000 bill for an $4k/mon oc3 that was installed less than a year ago. I have a $77,000 bill for UUNet bandwidth -- one months billing, according to them -- for a 9meg ds3. On Tue, 25 Jun 2002, Bill Woodcock wrote:
> Remember, this is just the beginning. Do you remember you WCOM bills
for
> services that you had canceled years ago? That will come out as
well...
Heh, just today, I received a bill from WorldCom for $75,097.30, for nothing in particular, that I can discern, which they claim to have been the unpaid accumulation of some monthly service from May, 1999 through the present. Um, yeah, right. :-)
-Bill
-- Alex Rubenstein, AR97, K2AHR, alex@nac.net, latency, Al Reuben -- -- Net Access Corporation, 800-NET-ME-36, http://www.nac.net --
Heh, just today, I received a bill from WorldCom for $75,097.30, for nothing in particular, that I can discern, which they claim to have been the unpaid accumulation of some monthly service from May, 1999 through the present. Um, yeah, right. :-)
We have a similiar one, which as close that we can tell is seperate billing for colo also charged and paid as part of another invoice. It adds up to 30k+ and goes back 3 years.
At 7:28 PM -0400 6/25/02, alex@yuriev.com wrote:
Remember, this is just the beginning. Do you remember you WCOM bills for services that you had canceled years ago? That will come out as well...
They managed to over bill us $36,000 for T1's we cancelled over three years ago. After *months* of wrangling with them, they finally admitted they fsck'd up and said they would credit the entire amount plus the finance charges. Our credit? $12,000. Now they've just dumped a $120,000 bill on us for T3 service we zapped. Grrrrr.... Regards, Chris Kilbourn Founder _________________________________________________________________ digital.forest Int'l: +1-425-483-0483 where Internet solutions grow http://www.forest.net
I am pretty sure a 5 quarter restatement will reduce its chances of future respectability. DJ -----Original Message----- From: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of blitz Sent: Tuesday, June 25, 2002 7:40 PM To: ekgermann@cctec.com Cc: nanog@trapdoor.merit.edu Subject: Re: How low can Worldcom stock go? Worldcom stands a chance of making money in the future, Adelphia has absolutely NO chance of ever regaining any sort of respectability. After all Wcom owns UUnet...they own the fat pipes.. Adelphia cries when it has to purchase a few T3's cause their cablemodem system is clogged... At 19:03 6/25/02 -0400, you wrote:
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 ekgermann@cctec.com 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
Unfortunately this event will not only affect Worldcom, but the entire industry in a significant way. This is, afterall, one of the largest reported cases of fraud in US history. MP
-----Original Message----- From: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of Deepak Jain Sent: Tuesday, June 25, 2002 8:02 PM To: blitz; ekgermann@cctec.com Cc: nanog@trapdoor.merit.edu Subject: RE: How low can Worldcom stock go?
I am pretty sure a 5 quarter restatement will reduce its chances of future respectability.
DJ
-----Original Message----- From: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of blitz Sent: Tuesday, June 25, 2002 7:40 PM To: ekgermann@cctec.com Cc: nanog@trapdoor.merit.edu Subject: Re: How low can Worldcom stock go?
Worldcom stands a chance of making money in the future, Adelphia has absolutely NO chance of ever regaining any sort of respectability.
After all Wcom owns UUnet...they own the fat pipes..
Adelphia cries when it has to purchase a few T3's cause their cablemodem system is clogged...
At 19:03 6/25/02 -0400, you wrote:
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 ekgermann@cctec.com 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
And Just think, The perpetrator of this fraud was the guiding light for the American Internet fair peering practices policy. Imagine that. Now, someone explain how an internet provider convinced congress that it didn't really have to carry an -internet customers- packet from one side of its -=own=- network to the other side, unless -=both=- parties paid it money ? With the recent rash of chapter 11's and 13's perhaps we should be re-examining the peering practices in America... It appears this "Ebbers Ethics" thing isn't working. My .02c <LURK LURK LURK - don't -=even=- ignore the markup> Marc Pierrat wrote:
Unfortunately this event will not only affect Worldcom, but the entire industry in a significant way. This is, afterall, one of the largest reported cases of fraud in US history.
MP
-----Original Message----- From: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of Deepak Jain Sent: Tuesday, June 25, 2002 8:02 PM To: blitz; ekgermann@cctec.com Cc: nanog@trapdoor.merit.edu Subject: RE: How low can Worldcom stock go?
I am pretty sure a 5 quarter restatement will reduce its chances of future respectability.
DJ
-----Original Message----- From: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of blitz Sent: Tuesday, June 25, 2002 7:40 PM To: ekgermann@cctec.com Cc: nanog@trapdoor.merit.edu Subject: Re: How low can Worldcom stock go?
Worldcom stands a chance of making money in the future, Adelphia has absolutely NO chance of ever regaining any sort of respectability.
After all Wcom owns UUnet...they own the fat pipes..
Adelphia cries when it has to purchase a few T3's cause their cablemodem system is clogged...
At 19:03 6/25/02 -0400, you wrote:
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 ekgermann@cctec.com 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
-----Original Message----- From: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu] On Behalf Of Richard Irving Sent: June 26, 2002 10:57 AM To: Marc Pierrat Cc: deepak@ai.net; blitz; ekgermann@cctec.com; nanog@merit.edu Subject: Re: How low can Worldcom stock go?
With the recent rash of chapter 11's and 13's perhaps we should be re-examining the peering practices in America...
That's already being done. Of course, not in the way you seem to suggest... Instead, you have increased depeering as everyone tries to squeeze [non-existant] money out of everybody else. Don't get me started on what C&W did to the Exodus backbone. It used to be that from our servers to my cable modem at home, it was Exodus -> Teleglobe -> Rogers. Now, after a massive round of depeering, it's Exodus -> C&W -> Sprint -> Teleglobe -> Rogers. It's like that with pretty much everything: you used to have some networks who peered directly with Exodus, now traffic to them goes through C&W and UUnet first, etc. Vivien -- Vivien M. vivienm@dyndns.org Assistant System Administrator Dynamic DNS Network Services http://www.dyndns.org/
VM> Date: Wed, 26 Jun 2002 11:29:05 -0400 VM> From: Vivien M. VM> Don't get me started on what C&W did to the Exodus backbone. VM> It used to be that from our servers to my cable modem at VM> home, it was Exodus -> Teleglobe -> Rogers. Now, after a VM> massive round of depeering, it's Exodus -> C&W -> Sprint -> VM> Teleglobe -> Rogers. It's like that with pretty much VM> everything: you used to have some networks who peered VM> directly with Exodus, now traffic to them goes through C&W VM> and UUnet first, etc. The question is how it affects the bottom line. I have a client who used to colo at Exodus. After being quoted in excess of $1500 to set up BGP (!), refusal to cross-connect, and seeing the effects of the depeering, they bailed, and asked us to help build a network the right way so that they can _compete_ with Exodus. I doubt this is an isolated incident. What goes around comes around. As much as I'll whine about the stupidity of excessive depeering, my capitalist side loves it... it's much easier to set up a network with routes far superior than those who decide to force traffic the long way. Don't whine. Take customers away. It's much more productive. Eddy -- Brotsman & Dreger, Inc. - EverQuick Internet Division Bandwidth, consulting, e-commerce, hosting, and network building Phone: +1 (785) 865-5885 Lawrence and [inter]national Phone: +1 (316) 794-8922 Wichita ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Date: Mon, 21 May 2001 11:23:58 +0000 (GMT) From: A Trap <blacklist@brics.com> To: blacklist@brics.com Subject: Please ignore this portion of my mail signature. These last few lines are a trap for address-harvesting spambots. Do NOT send mail to <blacklist@brics.com>, or you are likely to be blocked.
Indeed it will...but they will survive..
I am pretty sure a 5 quarter restatement will reduce its chances of future respectability.
DJ
-----Original Message----- From: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of blitz Sent: Tuesday, June 25, 2002 7:40 PM To: ekgermann@cctec.com Cc: nanog@trapdoor.merit.edu Subject: Re: How low can Worldcom stock go?
Worldcom stands a chance of making money in the future, Adelphia has absolutely NO chance of ever regaining any sort of respectability.
After all Wcom owns UUnet...they own the fat pipes..
Adelphia cries when it has to purchase a few T3's cause their cablemodem system is clogged...
At 19:03 6/25/02 -0400, you wrote:
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 ekgermann@cctec.com 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
http://www.msnbc.com/news/772357.asp?0cm=c20 Replying to my own post, Adelphia filed tonight. Must be safe to come up for air since someone has now made a bigger mess in their pants.
-----Original Message----- From: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of Eric Germann Sent: Tuesday, June 25, 2002 7:03 PM To: nanog@merit.edu 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 ekgermann@cctec.com 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
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 annually; -- 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: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of Eric Germann Sent: Tuesday, June 25, 2002 7:03 PM To: nanog@merit.edu 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 ekgermann@cctec.com 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
They'll have to find a bank to loan them some money (~$5 Billion) before they can stay around long enough to achieve those savings. They were having a hard enough time when they said they had $7+ B in EBITDA. Now I doubt they will see their $1B in Free Cash Flow that they were claiming they'd have if they "deferred" the interest payment on their preferreds. I don't see how deferring payments that are due is effective cash management. 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 AiNET -----Original Message----- From: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of Eric Germann Sent: Tuesday, June 25, 2002 10:28 PM To: nanog@merit.edu 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 annually; -- 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: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of Eric Germann Sent: Tuesday, June 25, 2002 7:03 PM To: nanog@merit.edu 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 ekgermann@cctec.com 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
Well I just tried the URL on the Worldcom site: http://www1.worldcom.com/global/investor_relations/?loc=main/ Nada... 404 error :-) Hard times ahead for employees. /Dee "Deepak Jain" <<deepak@ai.net> wrote: <Excerpt> They'll have to find a bank to loan them some money (~$5 Billion) before they can stay around long enough to achieve those savings. They were having a hard enough time when they said they had $7+ B in EBITDA. Now I doubt they will see their $1B in Free Cash Flow that they were claiming they'd have if they "deferred" the interest payment on their preferreds. I don't see how deferring payments that are due is effective cash management. 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 AiNET -----Original Message----- From: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of Eric Germann Sent: Tuesday, June 25, 2002 10:28 PM To: nanog@merit.edu 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 annually; -- 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: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of
Eric Germann
Sent: Tuesday, June 25, 2002 7:03 PM
To: nanog@merit.edu
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
ekgermann@cctec.com 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 ones ignorance, while still remaining ignorant, may
ultimately be
more interesting and useful to people than Yarkovsky"
-- Jon Giorgini of NASAs Jet Propulsion Laboratory
</Excerpt>
Prediction: 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 AiNET
-----Original Message----- From: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of Eric Germann Sent: Tuesday, June 25, 2002 10:28 PM To: nanog@merit.edu 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 annually;
-- 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: owner-nanog@merit.edu [mailto:owner-nanog@merit.edu]On Behalf Of Eric Germann Sent: Tuesday, June 25, 2002 7:03 PM To: nanog@merit.edu 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 ekgermann@cctec.com 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
This is at least the second purge of that many bodies, maybe third...they just let 20k go a month or so ago.. These business practices will continue, as long as the benefits of doing things this way outweigh the punishment for doing them. Ask Bill Gates...for example. I'd venture a guess: In all these disclosures we've seen lately, Wcom, Global Crossing, Adelphia, Enron, ad nausium...NO ONE will go to jail...the taxpayer/stockholders will ultimately swallow it all. Haven't we gone down this road before? Remember Junk bonds and Milikin (sp)? Savings and loan scandal? Greed is good..right... who paid the bills for those debacles? You and I. IF you got a job, be thankful.. this isn't over yet. The only stocks I'd buy right now, are in shredder manufacturers....
Prediction:
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 :-(
participants (16)
-
Alex Rubenstein -
alex＠yuriev.com -
Bill Woodcock -
blitz -
Chris Kilbourn -
Deepak Jain -
E.B. Dreger -
Eric Germann -
Eric Germann
-
Marc Pierrat -
measl＠mfn.org -
mike harrison -
Randy Bush -
Richard Irving -
Vivien M. -
W.D. McKinney