Sunday, July 14, 2002

"LUCY, YOU GOT SOME 'SPLAININ' TO DO" Auditing Woes at WorldCom Were Noted Two Years Ago. Two years ago, WorldCom notified Arthur Andersen of improper shifts of expenses that were appearing in the international department, but the transactions remained on the company's books until as recently as last month. By Kurt Eichenwald. [New York Times: Business] 9:29:45 PM     Comments[]

THE BANKS DIDN'T FREEZE THE CASH on Friday, but they meet again on Tuesday with the court. This company's stockholders won't see a dime. Worldcom will be faced with deciding what business(es) it wants to emerge from bankruptcy with. Otherwise, the creditors and the court are likely to break the business into pieces and sell them in an attempt to recover some of the money. The company's sales in 2001 totaled $21.3 billion. That's a fair amount of telecom market share to throw up for grabs. Court Won't Freeze WorldCom Assets [Wall Street Journal] 5:45:26 PM     Comments[]

© Copyright 2002 Steve Pilgrim.

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