More on Global Crossing (I noticed it was mentioned in your 9/11 feature)
I read through the Portland.indymedia global crossing story, but didn't see mention of this:
Feel free to use...
Hutchison Whampoa Limited and Singapore Technologies Telemedia Pte. Ltd. Plan to Invest $750 Million in Global CrossingHamilton,
Bermuda - January 28, 2002 - Global Crossing (NYSE: GX) today announced that it has signed a letter of intent with Hutchison Whampoa Limited and Singapore Technologies Telemedia Pte. Ltd. for a $750 million cash investment for a joint majority stake in the company's equity in connection with a restructuring of the company's balance sheet. In order to begin the restructuring process, Global Crossing and certain of its affiliates commenced Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York and coordinated proceedings in the Supreme Court of Bermuda.
ABOUT GLOBAL CROSSING
Global Crossing Ltd. (NYSE:GX) provides telecommunications solutions over the world's first integrated global IP-based network, which reaches 27 countries and more than 200 major cities around the globe. Global Crossing serves many of the world's largest corporations, providing a full range of managed data and voice products and services. Global Crossing operates throughout the Americas and Europe, and provides services in Asia through its subsidiary, Asia Global Crossing (NYSE: AX). Please visit www.globalcrossing.com or www.asiaglobalcrossing.com for more information.
Under the terms of the proposed investment, which is conditional on, among other things, the confirmation of a plan of reorganization by the courts before the end of August 2002, creditors would share in a combination of cash, new debt, and new equity in the restructured company. Existing common equity and preferred shareholders would not participate in the new capital structure.
John Legere, Chief Executive Officer of Global Crossing stated, 'We believe this new equity investment from parties as strong as Hutchison Whampoa and Singapore Technologies Telemedia validates our confidence in the strong future of our company. This investment, along with the financial and operational restructuring that we're implementing, will strengthen our balance sheet and enable Global Crossing to build a sustainable business upon its existing unmatched global network. With this restructuring, we believe we can become the global leader providing networking services among the world's top 200 cities to global enterprises and carriers.'
Mr. Legere said that business would continue as usual during the restructuring process. Employees will continue to be paid their wages and other benefits without interruption. Worldwide operations will be unaffected by the filing and customers will not experience any changes in their service.
'Ours is a balance sheet issue, not an operational one,' Mr. Legere said, 'and today's actions are intended to directly address this issue. Even with the financial uncertainty we've recently experienced, customers have continued to choose our network over many others. With this restructuring, we'll put financial uncertainty behind us and the power of our network will once again become the primary factor in the minds of our customers. Hutchison Whampoa and Singapore Technologies Telemedia are perfect matches for Global Crossing. They bring considerable financial resources and business acumen, which we are confident will add significant value to Global Crossing's prospects.'
'With a strengthened balance sheet and reduced debt, we are confident that Global Crossing will be in an excellent position to take advantage of its unique global network, growing customer base, and outstanding service capabilities to create substantial value in the coming years. We are committed to an expedited restructuring process,' Mr. Legere added.
Mr. Canning Fok, Group Managing Director of Hutchison Whampoa, and Mr. Lee Theng Kiat, President and CEO of Singapore Technologies Telemedia, said, 'We are excited about the prospect of working with Global Crossing's management team and the opportunity presented by this transaction to develop and strengthen Global Crossing's business.'
Hutchison Whampoa and Singapore Technologies Telemedia already have business relationships with Global Crossing and its affiliates. Asia Global Crossing and Hutchison Whampoa each own 50 percent of Hutchison Global Crossing, a leading telecommunications service provider in Hong Kong providing fixed-line, Internet and data services. Asia Global Crossing and a subsidiary of Singapore Technologies Telemedia each own 50 percent of StarHub Crossing, which owns and operates a high capacity backhaul network in Singapore."
Canning Fok's here again for the "bailout." Who is he?
"According to U.S. Commerce Department materials, in September 1994, Commerce Secretary Ron Brown and Loral Aerospace CEO Bernard Schwartz were invited to sail on an evening paradise cruise from Hong Kong with a "who's who" of Triad business families.
The official Commerce Department "guest list" for a Sept. 2, 1994 dinner on board the "Pacific Princess" included several family-run businesses closely associated with the Communists in Beijing and the Triad gangs such as Raymond Kwok, C.H. Tung, Walter Kwok, Canning Fok, and Chinese billionaire Li Ka-Shing. Who are these people?
Li Ka-Shing teamed with Robert Kwok and Henry Fok, according to a recent biography titled "Li Ka-Shing," to form the China International Trust Investment Company (CITIC), described in a 1997 Rand Corporation report as an "investment concern under China's governmental State Council." The guest list for the Pacific Princess included the Robert Adams.
The Fok family leader, Henry Fok, is reported to be a member of the 14K Triad. According to Timperlake and co-author Bill Triplett, 'Henry Fok first made his name by running United Nations-embargoed goods to China during the Korean War. His son was later convicted for trying to bring Chinese machine guns into the United States.'
The Kwok family, reportedly led by Robert Kwok, allegedly is involved in the heroin smuggling business inside Burma. However, Peter Kwok served as a consultant to the China Overseas Shipping Company (COSCO), and COSCO Hong Kong Holdings, a company owned by Li Ka-Shing. In 1989, Kwok helped CITIC and Li Ka-Shing raise $120 million to buy a Hughes-built communications satellite for AsiaSat, a company part owned by the Chinese Army unit COSTIND (the Commission on Science, Technology and Industry for National Defense). Sen. Diane Feinstein, D-Ca., also knows the Kwok family well. Feinstein's financial ties include her husband, Richard Blum, who is part owner of the far east investment firm, Newbridge Capitol Corp. Blum's partner at Newbridge is Peter Kwok.
CITIC, the joint firm formed by Li Ka-Shing, Henry Fok, and Robert Kwok also has a special status. 'CITIC', states the Rand report, 'became identified with the PLA as a result of the scandal surrounding Wang Jun and his visit to the White House on 6 February 1996.' In February 1996, President Clinton met with Chinese arms dealer Wang Jun after taking a donation from Arkansas DNC donor Charlie Trie. The Rand Corp. noted that 'Wang Jun is both director of CITIC and Chairman of Poly Group, the arms trading company of the General Staff Department. Poly Technologies, Ltd., was founded in 1984, ostensibly as a subsidiary of CITIC, although it was later exposed to be the primary commercial arm of the PLA General Staff Department's Equipment Sub-Department.'"
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