Excerpts: Global Crossing’s 10-K. In January 2001, we sold our GlobalCenter web hosting business to Exodus Communications, Inc. for 108.2 million Exodus common shares, representing approximately 20.0% of its outstanding shares at the effective time of the merger. As of that date, the value of the transaction was approximately $1.95 billion. As part of the […]
Michael Spindler reviews the venture capital portfolio
I have summarized my thoughts about the portfolio companies in terms of rescue or exit. Although we do not have any real dogs, it is probably fair to say that we do not have any clear winners either. Here is a review (and the hindsight), from worst to best. Netactive I no longer understand where
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Excerpts: “Global Crossing’s Recurring Adjusted EBITDA up 91%, Cash Revenue up 46%, from Third Quarter of 1999, Pro Forma for M&A Activity.” Results for continuing operations exclude Global Crossing’s incumbent local exchange carrier business (ILEC), which the Company has agreed to sell to Citizens Communications for an estimated $3.65 billion in cash. GlobalCenter, which the
Michael Spindler reviews the venture capital portfolio
Let me give you my thoughts (again). In the ‘old technology’ world – personal computers, LAN networking products, microprocessor chipsets – each market sector had a few companies employing thousands of people to implement the design, the manufacturing and the marketing of technology products. Some of the reasons for this: it was difficult and complex
Michael Spindler reviews the venture capital portfolio Read More »
Excerpts: Global Crossing Ltd. Form 10-K, Exhibit 4.5 (“Am No. 1 to Corporate Credit Facility”) AMENDMENT NO. 1 dated as of October 16, 2000 among GLOBAL CROSSING LTD., a Bermuda corporation (“Limited”), GLOBAL CROSSING HOLDINGS LTD., a Bermuda corporation (“GCHL”), GLOBAL CROSSING NORTH AMERICA, INC., a New York corporation (“GCNA” and, together with GCHL, the
Excerpts: Global Crossing’s 8-K. On October 11, 2000, the Board of Directors of the Registrant named Thomas J. Casey as Chief Executive Officer. Mr. Casey is also a director of the Registrant and a member of its Office of the Chairman, and had been Vice Chairman of the Registrant prior to his appointment as CEO.
Excerpts: “Global Crossing’s Leo Hindery for Hire: Quits After Just 10 Mos.” A year later, he repeated the fix-and-flip process at Global Crossing by packaging its fiber optic Internet pipelines and selling them to Exodus Communications for $6.1 billion. That gave Hindery a profit of $205 million for his 10 months of work there. Global
Excerpt: “Global Crossing: CEO Leo Hindery is Out, Thomas Casey is In” Leo Hindery, former head of AT&T Corp.’s cable television operations, had only been at the job seven months. He joined Global Crossing last December and succeeded former CEO Bob Annunziata in March. But in the past few months, Global Crossing stock has tumbled
Excerpts: Global Crossing CEO out Analysts surveyed by earnings tracker First Call forecast Global Crossing (GBLX: Research, Estimates) lost 71 cents a share in the recently completed third quarter, more than the 7 cents a share loss in the year-earlier quarter. It is expected to lose $2.56 a share in 2000 and $2.58 a share
Excerpts: Global Crossing: Who’s in Charge? Global Crossing Ltd. (Nasdaq: GBLX) announced this morning that CEO Leo Hindery was leaving his post “by mutual agreement” after seven months on the job. According to Casey, the carrier is on target to meet and probably exceed its earnings estimates, including over $1 billion recurring adjusted EBITDA (earnings