Word: li
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...there's at least one person who believes Global Crossing will rise again: Hong Kong Uber-dealmaker Li Ka-shing. Through a partnership between Hutchison Whampoa, Li's Hong Kong ports/telecoms/electric power conglomerate, and Singapore Technologies Telemedia (STT), owner of Singapore's third-largest phone company, Li has engineered a rescue package. The two companies have bid $750 million to help recapitalize and restructure Global Crossing. If the plan is approved by the courts (it's likely to be controversial because the proposal calls for holdings of mom-and-pop shareholders to be wiped out), Hutchison and STT will wind...
...deal looks like a vintage Li maneuver?he is legendary for scooping up unfashionable assets at bargain prices and selling them later for a fat profit. Among other recent coups, the billionaire bought into American e-tailer Priceline.com following the crash of Internet stocks, and saw his stake triple in value. The Global Crossing bailout would hand the partnership majority ownership in a state-of-the-art, globe-spanning telecommunications infrastructure for an outlay equal to less than one-tenth the cost of building it. "I think at that price it's very attractive as an investment," says To Chee...
...Li's interest in the company is partly defensive. Hutchison Whampoa has already sunk $400 million in Global Crossing through a convertible-bond holding, which Li could lose in the bankruptcy. Hutchison Whampoa assumed the bond when it took a stake in Asia Global Crossing, a regional subsidiary of Global Crossing...
...What's unclear is whether Li and STT plan to sell relatively quickly or hold for the long term. Li expands his empire when he sees opportunity. His Internet vehicle, Tom.com, has been gobbling up media assets, including advertising companies, newspapers and magazines, in China and Taiwan. Over the past several years he has also acquired mobile-phone carriers throughout Asia, and holds big stakes in emerging 3G mobile networks in Europe. Analysts say a restructured Global Crossing could be a formidable and eventually profitable competitor in the international fixed-line business. But it's uncertain when the mammoth oversupply...
...Gordon Li, the IOP’s director of communications and outreach, says the IOP’s restructuring has made its decision-making process more transparent, attracting more students. Li estimates that 150 students attended the advisory committee to the Institute’s Forum at the beginning of the year. Even at the end the semester, when participation usually drops, 75 to 80 students were still active...