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Global Crossing's original business plan was to lay optical fiber under the oceans to link continents and sell capacity to other networks. Global Crossing proposed to a bankruptcy court in New York that some $12.4 billion in debt be forgiven, and it has agreed to a buyout by two Asian telecommunications firms, Hong Kong's Hutchison Whampoa Ltd. and Singapore Technologies Telemedia Ltd. Under the proposal before the court the two Asian companies would emerge with a 79 percent stake in Global Crossing's fiber network while creditors would receive the remaining 21 percent as well as some cash and financial notes. Shareholders receive nothing. A former Global Crossing vice president of finance, Roy Olofson alleged in a letter dated Aug. 6, 2001, that the firm used improper accounting practices to inflate revenues. The company disputes that, but said it will launch an independent investigation using an auditor other than Chicago-based Andersen, which is its regular auditing firm, to look into the allegations. Global Crossing Ltd. provides integrated telecommunications solutions over the world's most extensive global IP-based fiber-optic network, which has over 100,000 route miles, reaching 27 countries and more than 200 major cities. Global Crossing served many of the world's largest corporations, providing a full range of managed data and voice products and services. Global Crossing operated throughout the Americas, Europe, and the Asia/Pacific region.
The Telecom Disaster..!!
Additionally, a growing number of investors and collectors have expressed interest in obtaining the defunct shares as reminders of the roaring, heady days of the telecom bubble - and the mistakes made when it burst.
Therefore, these dot com certificates are in very limited in supply and have become a collector's dream. We invite you to experience a piece of Internet history. Its significance will most certainly continue to increase as the current generation X-ers come to realize the value of this part of history.
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