Monday, September 12, 2005

English 101 (a new sheriff in town) Indiana Wants Me.

We are living in hard times? My ass...

Following our ferarless dead hero John Belushi, we need to understand that "When the going gets tough the tough get going!!" Delta Hous(animal house)

It is now when the process for one of difficult question and that is to appoint Roberts or not. I believe if it is BALL we must play too. We will play 16 Inch Ball by choice, 8", or even hardball. It is all the same to me with an agenda, no agenda or even a secret agenda. What ever you want to call it. The guy needs to be appointed quickly and to continue all innings of the game.

The threat of LA can be looked as "anodder" hacker playing demigod and claiming that the power of destruction is at his fingertip. It is time for extradition of the following candidates to Columbia, South America, stop spraying and killing of beautiful fruit in this part of the country, (just tasted one you have not today and is smaller and will be extinct all together. See how to the fight the war on "Monopoly" Terror needs a new guidance. I need the funds now. A new Economy and the people that are needed are in the wrong place at this time. Forward them here plz. Appointo Johnnie L. Cochran, Jr. and F. Lee Bailey to assist in the release of those who know how to make an economy work specially when they need justice the most.: Cali, Clumbia

This is an important question for the legal system. Who did what and who knew they were doing it at WorldCom and at Enron and all the rest should occupy regulators and prosecutors for some time. But the best thing WorldCom can do for the economy now is not to probably to die a quick death. This would allow the telecom company's assets to filter into other hands. Last we checked, the phones and Internet connections were still working--not all the time, but it's pretty close. Luckily, the dying is already under way--but it can't happen fast enough. WorldCom, like all companies, is a bundle of assets owned by shareholders and managed by executives. When WorldCom's former executives like ex-CEO Bernie Ebbers and ex-CFO Scott Sullivan are shown to be making those assets less valuable, not more valuable, they are shown the door--assuming everything's working as it should. But the cult of personality that surrounds people like Ebbers or Tyco's indicted CEO, Dennis Kozlowski, makes transitions more difficult and slower than they should be. These cults also make it possible for favored chief operatives to accumulate more assets in their empires and for their boards to justify ever-growing pay packages that often have no real connection to the CEO's marginal value. This process is often misunderstood as people get attached to labels--WorldCom and Enron are labels--even if those labels undermine the value of the assets. A featured article in today's Washington Post, for instance, begins: "If WorldCom Inc., the beleaguered provider of Internet and phone service, were to shut down tomorrow, pack up, send its 8,000 Washington area employees home and put for-rent signs in front of all its facilities, Loudoun County's already-high office vacancy rate of 17 percent would almost double to a staggering 32.9 percent." The opportunity arises with this statement is that if WorldCom were to declare bankruptcy, there is no reason to believe it would shut down, overnight or otherwise. Even if the company was to go out of business altogether, if its assets are valuable, there would be buyers for them. If its assets are not valuable, keeping WorldCom's name on them wouldn't change the fact. The end of WorldCom is not the end of the world or even the end of Loudon County. Others would step into those offices, perhaps not all of them, but most of them. The difficulty--and this is a major difficulty--is that so many people, including, it seems, the civic leaders of Loudon County, are invested in the WorldCom idea. That idea may have been sound once, but if it's no longer sound, why still believe in it? In the process, there are employees of WorldCom who will lose jobs and this is unfortunate, just as the decline of the share price hurt the shareholders. But the damage was done by the fact that too many people put too much money into too many phone and Internet networks--much more than people needed or wanted. It's an embarrassment of riches as much as anything else. The hard part is that the losses to employees and shareholders are obvious and immediate while the gains that come from assets being transferred to more efficient uses are subtle and gradual. The good news is that the process of transferring those assets seems already underway. Banks that made $2.65 billion in unsecured loans to WorldCom are testing interest in WorldCom's consumer, business and fiber-optic networks. Meanwhile, IDT (nyse:
IDT - news - people ), a telecom outfit based in Newark, N.J., is considering paying $3 billion to $4 billion for WorldCom's MFS unit, according to a Reuters report. WorldCom bought the unit, which provides local telephone services to corporations, for $15.5 billion. Oops! But if the unit was ever worth that much, it no longer is--and selling it away from WorldCom seems like a good idea. IDT is run by Howard Jonas, who has the unusual dual role of chairman and treasurer. Its vice chairman, James Courter, doubles as the CEO. Neither is a household name, which is good. Like most telecom companies, IDT has been reporting losses pretty consistently while claiming growing revenue and improving EBITDA. Earlier this year it bought Winstar, another bankrupt scandal-plagued telecom carrier. Maybe it will know what to do with Winstar--and a piece of WorldCom, too.

WorldCom, Tyco, Enron--R.I.P. NOT

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