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Tuesday, 12 April 2011

How can we forget Global Crossing?

The international fibre optic company that was reportedly worth $39 billion in 2001 and went into administration in 2002 has just been sold.  For $3 billion. Which makes it a good deal for Singapore Technologies and Hutch Telecom who bought the dark-fibre-and-hubris megalith in its darkest hour for a mere $407m.

And it is going to a sympathetic new owner, Level 3 whose shares could have been bought for $140 in 2000. The lucky shareholders in that dot.com bubble company who hung on to the stock are holding over $14 of paper per share even today.

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