Pricing assets in Japanese

Nomiprins at aol.com Nomiprins at aol.com
Fri Aug 9 09:35:37 PDT 2002


In a message dated 8/9/2002 11:50:35 AM Eastern Daylight Time, laflame at aaahawk.com writes:


> Under the deal approved during a hearing at bankruptcy court in New York,
> Hong Kong's Hutchison Whampoa Ltd. (HKSE:0013.HK - News) and Singapore
> Technologies Telemedia Pte would take a 61.5 percent stake in Global
> Crossing in return for about $300 million in cash and $200 million in
> notes,
> according to Joseph Ryan, an attorney for the creditors' committee. Banks
> and other nonbank creditors would get 38.5 percent of the company.
>
>
These two companies bid $750mln for Global in January. John Legere, Global's CEO, whose main goal is covering Winnick's butt and his own, claimed that bid was too low and there were 60 other interested parties (since vanished). Winnick has close ties to both these Asian companies. Hutchison Whampoa was his partner in creating Hutchison Global Crossing. Plus, Gary's PCG Greenstreet company (whose board includes an ex-Clinton Ambassador) is partly owned by K1 Ventures who has the same parent company as Singapore Technologies Telemedia. Smoke and mirrors.

Nomi

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