| |
| Current Topic: Telecom Industry |
|
Squeezing Yourself Out (for the Company) |
|
|
|---|
| Topic: Telecom Industry |
4:04 pm EDT, Sep 2, 2002 |
Hugh C. Martin realized that the merger he had initiated to protect his fiber optic company would cost him his job. Last year, an "economic buzz saw" threatened the bandwith industry ... it didn't occur to him that he might soon be out of a job. "I will probably eventually start another company. Now I have a reputation. I can be selective about what I go do." Squeezing Yourself Out (for the Company) |
|
Telecom Wreck Provides an Opening for AT&T |
|
|
|---|
| Topic: Telecom Industry |
10:08 am EDT, Sep 1, 2002 |
The thinning of competition, along with the potential to whisk away customers from its suffering rivals, should allow AT&T to survive its own dubious investment of more than $100 billion to acquire cable assets. ... AT&T is an "attractive long-term deep-value play" ... Many analysts still fear a nightmarish possibility: that WorldCom and the rest of what Mr. Johnstone calls telecom's "living dead" -- companies reorganizing under Chapter 11 -- emerge from bankruptcy, relieved of their crushing debts and hungry enough for customers to cut prices sharply. Telecom Wreck Provides an Opening for AT&T |
|
Deals Within Telecom Deals |
|
|
|---|
| Topic: Telecom Industry |
9:01 am EDT, Aug 25, 2002 |
An article about the sneaky financial dealings of the telecom industry. Time Warner Telecom, Sonus, Qwest, Williams, Winstar, Global Crossing, Corvis, Tellium, Lucent, Sycamore, WorldCom, Alteon, Nortel, and others. Supplier to telco: "Buy my gear, please!"
Telco to supplier: [Silence]
Supplier to telco: "Would you like stock options with that router?"
Telco to supplier: "Done!" ... The fact that companies and their executives profited from investments in fledgling suppliers may help explain why there was such a gross misallocation of capital in the sector, and why networks that cost billions to build fetch far less in bankruptcy auctions. Deals Within Telecom Deals |
|
SEC Targets 'Swap' Deals by Telecom Firms |
|
|
|---|
| Topic: Telecom Industry |
7:01 am EDT, Aug 20, 2002 |
The SEC has ruled invalid an accounting rationale used by some telecommunications companies to justify deals in which they appeared to trade access to one another's wires. The new ruling means any companies that relied on the rationale to boost their revenue may be forced to restate their financial results. Look for restatements to arrive soon, but expect the market to ignore them. (There's no sense in letting a few unwanted facts spoil the rally! Right?) SEC Targets 'Swap' Deals by Telecom Firms |
|
Sale by Qwest for $7 Billion Is Called Near |
|
|
|---|
| Topic: Telecom Industry |
6:51 am EDT, Aug 20, 2002 |
Qwest agreed last night to sell its yellow pages directories business to a group of financiers for $7 billion in a move that would help it avert a bankruptcy filing. The big Q postpones the inevitable, once again. Sale by Qwest for $7 Billion Is Called Near |
|
VoiceStream Proposes Cingular Merger - WSJ |
|
|
|---|
| Topic: Telecom Industry |
6:28 am EDT, Aug 20, 2002 |
Wireless phone provider VoiceStream has proposed a merger with rival Cingular Wireless, in a bid to compete with market leader Verizon Wireless, the Wall Street Journal reported on Tuesday. The proposal comes amid signs of government support for consolidation in the $67 billion cellular-phone industry. VoiceStream Proposes Cingular Merger - WSJ |
|
Shake-Up Sought At WorldCom |
|
|
|---|
| Topic: Telecom Industry |
11:56 am EDT, Aug 17, 2002 |
Two WorldCom board members are urging other directors and creditors to fire chief executive John Sidgmore, saying his vision for bringing the telecommunications company out of bankruptcy is flawed and the company should instead be shopping itself to potential buyers. Sources said the board members have met with creditors in recent weeks, seeking their support to replace Sidgmore. One source said a group of creditors and some directors had already interviewed a potential replacement for the chief executive. Shake-Up Sought At WorldCom |
|
Agere to Cut 4,000 Jobs and Exit Optical Components |
|
|
|---|
| Topic: Telecom Industry |
6:52 am EDT, Aug 15, 2002 |
Communications equipment maker Agere Systems will cut 4,000 jobs, or more than a third of its work force, and exit the optical components business. "Reality has set in that the telecommunications market is not going to recover for some time." Agere to Cut 4,000 Jobs and Exit Optical Components |
|
Global Crossing sold in $750M deal |
|
|
|---|
| Topic: Telecom Industry |
8:56 pm EDT, Aug 12, 2002 |
Two Asian companies that failed in a previous bid to buy Global Crossing Ltd. after it filed for bankruptcy in January have succeeded in obtaining a majority investment in the company in a deal valued at $750 million. As a result of the agreement, Global Crossing has cancelled the auction scheduled for August 14, 2002. GC CEO: "Global Crossing is poised to become the global leader providing networking services to enterprises and carrier customers in more than 200 of the world's top cities." ST Telemedia CEO: "Customers will be the real winners in this agreement." Global Crossing sold in $750M deal |
|
Global Crossing to Recommend Buyer Soon |
|
|
|---|
| Topic: Telecom Industry |
8:05 am EDT, Aug 5, 2002 |
Global Crossing, the troubled long-distance telecommunications company, is expected to announce a deal this week to sell its international fiber optic network and other assets. It appears possible that the winning bid may not top $1 billion. Global Crossing to Recommend Buyer Soon |
|
