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On November 4, 1997, WorldCom and MCI Communications announced a $37 billion merger to form MCI WorldCom, making it the largest corporate merger in U.S. history. On September 15, 1998, the merger was consummated, forming MCI WorldCom. MCI divested itself of its "internetMCI" business to gain approval from the United States Department of Justice ...
In October 1997, GTE, now a part of Verizon, made a bid to purchase MCI for $28 billion in cash. [34] WorldCom offered $34.7 billion in stock, higher than either the BT or GTE offers, which was accepted by MCI on November 10, 1997. [35] On September 15, 1998 the transaction was consummated and the merged company renamed MCI WorldCom. [36]
Cynthia Cooper is an American accountant who formerly served as the Vice President of Internal Audit at WorldCom.In 2002, Cooper and her team of auditors worked together in secret and often at night to investigate and unearth $3.8 billion in fraud at WorldCom [1] which, at that time, was the largest corporate fraud in U.S. history.
On July 21, 2002, WorldCom declared what was at the time the largest bankruptcy in American history, with $107 billion in recorded assets. The story of one of the largest telecom companies in the
2000 – The European Commission and DOJ denied the MCI WorldCom / Sprint merger on Antitrust Grounds. 2001 – The UUNET brand is folded into WorldCom's product line and disappears. 2002 – WorldCom files for Chapter 11 bankruptcy protection as a result of a massive $11 billion accounting scandal. 2003 – The UUNET brand re-emerges as ...
A rival chain, the Paper Store, filed for bankruptcy in the summer of 2020, and mall staple Papyrus liquidated and closed all its stores in early 2020. Rick Kern / Contributor / Getty Images News
The WorldCom scandal was a major accounting scandal that came into light in the summer of 2002 at WorldCom, the USA's second-largest long-distance telephone company at the time. From 1999 to 2002, senior executives at WorldCom led by founder and CEO Bernard Ebbers orchestrated a scheme to inflate earnings in order to maintain WorldCom's stock ...
The docket sheet contains a chronological list of each filing and any associated documents (in PDF format) in the case. Each record includes the filing date, docket text, and a link to filed documents. Events can link to past events. Example docket text: "Hearing Held on #18 Motion for Relief from Stay to Proceed With Foreclosure Action Against ...