Qwest subpoenaed in Global Crossing probe
Monday, February 11th 2002, 12:00 am
By: News On 6
DENVER (AP) _ Qwest Communications International Inc. on Monday said it has received a subpoena in a federal investigation of Global Crossing Ltd. and will cooperate fully with authorities.
Qwest battled Global Crossing in 2000 for U S West, the Denver-based Baby Bell. Qwest launched a successful hostile bidding war to break up Global Crossing's merger agreement with U S West.
The SEC is investigating allegations that Global Crossing, which filed for bankruptcy in January, misstated revenue and expenses.
Company officials have said the accusations by Roy Olofson, former vice president of finance, are without merit and that they are cooperating with the investigation.
The Bermuda-based Global Crossing listed $12.3 billion of debt and $22.4 billion of assets _ making it the largest telecom bankruptcy case in U.S. history.