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RE: How low can Worldcom stock go?

  • From: Eric Germann
  • Date: Tue Jun 25 22:30:49 2002
  • Sensitivity: Company-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
>
>
>
>
> ==========================================================================
>   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’s ignorance, while still remaining ignorant, may
> ultimately be
> more interesting and useful to people than Yarkovsky"
>
>   -- Jon Giorgini of NASA’s Jet Propulsion Laboratory
>
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