Word: worldcom
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...General Services Administration is immediately suspending MCI WorldCom from receiving new federal government contracts. A growing number of lawmakers on Capitol Hill had questioned why GSA had not yet suspended the company, which has received more than $1.2 billion in government contracts since it declared bankruptcy. An Aug. 25 hearing has been scheduled in bankruptcy court on MCI's plan to reorganize and emerge as a full competitor in the telecom market. But industry sources say the suspension could be the death knell for the company...
...active fraud investigation hasn't kept buyers from snapping up millions of shares of embattled HealthSouth. In Chicago an investment club took a flyer on bankrupt UAL, the parent company of United Airlines, believing that the stock was set to soar. More than 57 million shares of bankrupt WorldCom were traded last Thursday on news that WorldCom had reached a revised settlement with the Securities and Exchange Commission that will give some shareholders stock in the new company when it comes out of bankruptcy. True, but this applies only to people who owned WorldCom before June 25, 2002. When WorldCom...
...WorldCom...
...Wall Street, you may think you're buying a blue chip and end up holding WorldCom. That's how some advertisers felt last year when they bought traditional dramas and sitcoms and, come winter, saw them replaced by the likes of Are You Hot? Despite hits like Joe Millionaire, reality shows' ratings are unpredictable, and not everyone wants their snack chips associated with Lorenzo Lamas' laser pointer...
...DISTRIBUTION FUND. This fund, held by the Securities and Exchange Commission (SEC) and administered by a federal court appointee, will parcel out the nearly $400 million pot to investors who bought certain stocks--including AT&T, Global Crossing and Worldcom--through certain investment firms. A fund administrator will determine who can make a claim, and details will be posted on the SEC website sec.gov) Setting up a distribution plan could take a year. After a plan is announced, investors should have several months to respond. It's not clear whether mutual-fund investors, who lost plenty, will get anything...