Uh oh, Worldcom is in *BIG* trouble now...

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dakata24

Diamond Member
Aug 7, 2000
6,366
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our family has 3 cell phones that have service thru mci worldcom.. would bankrupcy affect my service? :eek::disgust:
 
Miramonti

Miramonti

Lifer
Aug 26, 2000
28,653
100
106
Originally posted by: dakata24
our family has 3 cell phones that have service thru mci worldcom.. would bankrupcy affect my service? :eek::disgust:
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No, they might sell off some of their units so you might at some point pay your bills to someone else but it will file for bankruptcy which means that they won't have to pay their creditors for a while which will hopefully enable them to restructure to stay in business and turn things profitable again. They may never be able to do that but a company like this usually takes a while to close the doors if it can't turn it around. I.E., Sunbeam (coleman, webber grills etc.) is still in bankruptcy.
 
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txgixer

Senior member
Jun 12, 2002
591
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Originally posted by: ViRGE
KPMG isn't responsible, it's good ole' AA again.:p

In its statement, the company said that Arthur Andersen, which also came to notoriety in the Enron collapse, had audited the financial statements in question. Its current auditor is KPMG
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ummm, I work from KPMG.

We just took over the Worldcom account from AA about a month ago. Correct, KPMG is not responsible for the fraud.
 
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gigapet

Lifer
Aug 9, 2001
10,005
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screwed is not the word or big trouble for that matter........looks like they're FVCKED!
 
Miramonti

Miramonti

Lifer
Aug 26, 2000
28,653
100
106
Originally posted by: gigapet
screwed is the word or big trouble for that matter........looks like they're FVCKED!
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Come to think of it, if they owe $30 billion, their going to take atleast a handful of other companies with them too. Even if they survive, they won't be able to pay their bills for a long time.
 
slag

slag

Lifer
Dec 14, 2000
10,473
81
101
It wont help Sprint unfortunately.

When one major company starts sucking, the entire sector of the industry generally gets sucked somewhat into the vortex.
 
slag

slag

Lifer
Dec 14, 2000
10,473
81
101
Originally posted by: fastz28
Fvck!!! I have 1000 sh. Don't ask me what I bought in at. :|:disgust::(:|
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lemme guess. $14.00, hoping it would go to $21-$25 at which point you would sell.

Well, I guess this is the news Microsoft needed to purchase an internet backbone and start global domination of that sector.
 
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fastz28

Golden Member
Mar 27, 2001
1,794
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Originally posted by: slag
Originally posted by: fastz28
Fvck!!! I have 1000 sh. Don't ask me what I bought in at. :|:disgust::(:|
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lemme guess. $14.00, hoping it would go to $21-$25 at which point you would sell.

Well, I guess this is the news Microsoft needed to purchase an internet backbone and start global domination of that sector.
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I wouldn't mind some M&A action. Hey Gates, want to buy a telecom company cheap?
 
slag

slag

Lifer
Dec 14, 2000
10,473
81
101
it might help to expand and optimize there live service for xbox..

shrug.
 
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LH

Golden Member
Feb 16, 2002
1,604
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THis is the third, first it was Enron, Global Crossing followed a couple weeks behind Enron, then this.

This mess is a helluva alot bigger than Enron. Its the companies fault, but Aurther Anderson should be hung high, as they should bare most of the blame. Three huge companies they cooked the books for. Investors are leaving the stock market in droves, because there will be others.
 
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BCYL

Diamond Member
Jun 7, 2000
7,803
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These days I just dont want to look at the market... it's triple-digit falls everyday for the DOW... makes me so depressed... :(
 
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Ramsnake

Senior member
Apr 12, 2002
629
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what in the hell is happening to US? whats with this high level corporate corruption rampant everywhere, first enron and then arthur anderson because of that and now World Com. I dont understand the logic behind screwing up 4 billions dollars,how can u screw up to the tune of 4 billion dollars. Looks like the same thing happened to the merger between AOL and Time-Warner.How the freakin mutha freak are we supposed to have trust in the US equity market?? Although i dont believe in god...may god bless america...
 
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Shelly21

Diamond Member
May 28, 2002
4,111
1
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When I canceled my Worldcom cell phone, they continued to charge me for it for two months! Bastards!
 
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JellyBaby

Diamond Member
Apr 21, 2000
9,159
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81
Its the companies fault, but Aurther Anderson should be hung high
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What I don't understand is how the stock and industry analysts missed these sour apples. Is it not their job to notice footnote items like stock options and mention them to potential investors?

The DOW has dropped below 9,000 and the Nasdaq is on it's way to the abyss. Argh.
 
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freegeeks

Diamond Member
May 7, 2001
5,460
1
81
the US needs to review it's general accounting rules very quickly --
the last thing that the US (and the worldeconomy) needs is another Enron --
hopefully all the employees around the world don't loose their job

the only positive thing about this mess is that the euro is quickly gaining on the dollar, it makes my SF - Oregon trip in 3 weeks more affordable :D
 
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txgixer

Senior member
Jun 12, 2002
591
0
0
Originally posted by: Electric Amish
My sister works for them. :(

amish
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My wife worked for them for 4 years UNTIL last Monday when Worldcom sold their entire PBX division (about 500 employees) to Allegiance. I was so happy for her, but 25% of her 401k was tied to Worldcom stock. That stinks but at least she has a job still.
 
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