[49166] in North American Network Operators' Group
RE[2]: How low can Worldcom stock go?
daemon@ATHENA.MIT.EDU (W.D. McKinney)
Wed Jun 26 01:45:23 2002
From: "W.D. McKinney" <deem@wdm.com>
Date: Tue, 25 Jun 2002 21:41:15 -0800 (AKDT)
To: nanog@merit.edu
In-Reply-To: <GPEOJKGHAMKFIOMAGMDIGEKBMIAA.deepak@ai.net>
Errors-To: owner-nanog-outgoing@merit.edu
Well I just tried the URL on the Worldcom site:
http://www1.worldcom.com/global/investor_relations/?loc=3Dmain/
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
>
>
>
>
>
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
> 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=92s ignorance, while still remaining ignorant, may
> ultimately be
> more interesting and useful to people than Yarkovsky"
>
> -- Jon Giorgini of NASA=92s Jet Propulsion Laboratory
>
</Excerpt>
