It rode the wave of the 1990s to incredibly high market values, only to go bankrupt a few years later. Its stock price hit a high of US $64 per share, and would eventually plunge to below $1.
Company chairman Gary Winnick, and former CEOs John Legere, Leo Hindrey, and Thomas Casey were examples of the excess of that era, each one taking personal fortunes while costing shareholders billions.
In January 2002, the company declared chapter 11 bankruptcy, making it the fourth largest insolvency in United States history. By December 2003, the company completed its restructuring and emerged from bankruptcy, after Singapore Technologies Telemedia bought a two-thirds stake in the business.
It remained a major name in the business, and it also became a corporate partner of various governmental and academic networks, such as the UK's Immigration and Nationality Directorate, the U.S. government, European academic networks GEANT, SURFnet and others, the US Internet2 and the Canadian CA*Net.
It has been doing business in 2004 but may face bankruptcy again in early 2005 unless it secures additional funding.
GlobalCrossing was generating a great deal of publicity through things like its NASCAR racing sponsorship and the rescue attempt of a Russian submarine, but its business triumphs were lacking.
GlobalCrossing refused to fund the line and a month later, in January, 2002, the company filed for Chapter 11 bankruptcy protection and its assets were ultimately sold to Asia Netcom, a subsidiary of China Netcom.
GlobalCrossing's political contributions tended to be fairly evenly distributed between Republican and Democratic parties, with co-chairman Winnick tending to favor Democrats and co-chairman Cook favoring Republicans.
GlobalCrossing over the last five years has simply developed one of the most in-depth and comprehensive communication systems in the world.
GlobalCrossings international ventures began with a plan in 1997 to join the United States, U.K., and Germany with a fiber optic cable that would stretch across the Atlantic.
GlobalCrossing is currently working on a restructuring plan and only time will tell if they can get back on their feet again.
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