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Monday, May 26, 2003 |
When Worldcom pays to the SEC a penalty of a half a billion dollars, just who is it that is paying that? Why do the creditors in bankruptcy have to pay that to the old shareholders? What did those creditors do wrong to justify that? Did Bernie Ebbers pay that $500 million? No, becuase he's already too broke to pay what he borrowed. Did the Chief Financial Officer pay? No. The government is making headlines for itself, trying to make people believe that it is helping us all. I am having trouble seeing it.
Here's from the Washington Post:
CYNTHIA L. WEBB'S FILTER
WorldCom: MCI Rising? -
http://www.washingtonpost.com/wp-dyn/articles/A30346-2003May23.html?referrer=email
WorldCom, newly renamed MCI, is another step closer to emerging from
Chapter 11 bankruptcy. A judge yesterday gave the beleaguered
telecommunications firm the OK to send its reorganization plan to
creditors, who still have to give it a yea or nay.
-washingtonpost.com
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Judge OKs WorldCom Plan for Creditors -
http://www.washingtonpost.com/wp-dyn/articles/A28070-2003May22.html?referrer=email
A federal bankruptcy judge on Thursday paved the way for WorldCom Inc.
to send its reorganization plan to creditors, who will vote on the
scheme designed to allow the company to emerge from Chapter 11.
-Reuters
4:38:31 PM
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Plymouth Church of the Pilgrims in Brooklyn Heights, New York, is looking for a new senior minister. See www.plymouthsearch.org.
3:02:42 PM
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© Copyright 2003 Noel D. Humphreys.
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