Word: worldcom
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Person of the Week THE NEW, NEW BUST He built one of the world's biggest long-distance carriers the old-fashioned way?gobbling up all the companies he could. But when classic overreaching killed Worldcom's stock price, ex-CEO Bernard Ebbers was left owing more than $366 million in loans to his own company...
...1990s, Janet Reno’s Department of Justice and the Federal Trade Commission (FTC) took an active role in policing large mergers, in the name of protecting consumer interest. Under their watch, the mergers of Sprint and Worldcom, Office Depot and Staples, and United Air Lines and U.S. Air were all blocked. The FTC even blocked the merger of Meade and Celestron, two hobbyist telescope manufacturers who competed in a market totaling a few million dollars in sales per year. Retrospectively, it’s unclear what benefit, if any, the public received from these blocked mergers since most...
...West in 2000 only to find a year later that Qwest itself was the overvalued asset, recently predicted a second-quarter goodwill write-down of $20 billion to $30 billion. Blockbuster on Wednesday logged its own loss of $1.82 billion. And the parade is just beginning - future candidates include WorldCom, which lists $50 billion in potentially-impaired goodwill but is only worth $42.7 billion in the market, and AT&T, still sporting $24.8 billion of goodwill from its hostile takeover of MediaOne in 1999. (Notice a lot of tech and telecom companies...
...will a lot of other U.S. mergers. E.U. and U.S. antitrust officials work closely together, and for most of the '90s, if American companies could get a deal past their own government, they could get it past the EU. (The last big merger spiked by the EU, WorldCom-Sprint, was denied by the U.S. a day later.) Now, Bush's hands may be off the gates, but Monti's are still on. Which suddenly makes Europe a very imposing gatekeeper...
...Norwood Systems Private company based in Richmond, England CEO: Paul Ostergaard What it does: Uses Bluetooth wireless technology for office connectivity Why it is hot: Weeks after it launched in January its technology won the grand prize at the Comnet networking conference in Washington, D.C., beating out players like WorldCom and Cisco www.norwoodsystems.com...