Global Crossing Limited
In 1997, Winnick founded Global Crossing Limited. Global Crossing laid the first privately financed underwater fiber optic cable network across the Atlantic Ocean and partnered with Microsoft and Softbank Corp. to build a high capacity telecommunications network in Asia. The company, which Winnick served as Chairman, went public in 1998.
In January 2002, Global Crossing reorganized under Chapter 11 bankruptcy protection and announced that Singapore Technologies Telemedia would take a controlling interest in the company. Winnick resigned as Chairman of Global Crossing in December 2002. Winnick made approximately $734 million by selling his shares in the company shortly before it collapsed, and donated $25 million to Global Crossing employees who lost money in the company’s 401k retirement plan.
In March 2004, Winnick and other former company executives agreed to pay a combined $325 million to settle a class-action lawsuit alleging fraud brought by shareholders. They did not admit wrongdoing in the settlement. Winnick agreed to pay $55 million under the deal.
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