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Attorneys’ Gaffe Exposes List of Global Crossing Suitors
An e-mail distributed on March 28th by lawyers for bankrupt Global Crossing included the identities of all potential bidders on the company's assets.
The message was sent out by an employee of Weil, Gotshal & Manges, the New York law firm serving as Global Crossing's counsel in bankruptcy.
Companies copied on the e-mail included BT Group, Verizon, Credit Suisse First Boston, Bank One, media giant Bertlesmann, and a long list of other national and international suitors.
The e-mail's recipients had earlier signed confidentiality agreements with Global Crossing's financial adviser. The gaffe comes at a time when some creditors are questioning the fees charged by service professionals for the Global Crossing proceedings.
While only a handful of the companies listed in the e-mail are expected to submit serious offers for Global Crossing, many of the companies played down their inclusion, pointing out that they weren’t necessarily preparing a bid on the property. Others whose names were included expressed surprise at the error.
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