Magi Astrology


FINANCIAL ASTROLOGY

First Trade Date for WorldCom Inc.

 

 

Company NameFirst Trade Date (yyyy-mm-dd)
WorldCom Inc.1996-06-19

Company NameSymbol
WorldCom Inc.WCOM
History and Business of Company
(this information may include date of incorporation)
WorldCom Inc.-WorldCom Group Common Stock (WCOM), an increasingly global facilities-based communications company, is the second largest U.S. long-distance carrier. In November 2000, the company announced plans to split its public shares into two tracking stocks. The higher growth WorldCom group will include data services, Internet services, commercial voice service and international operations. The more mature MCI group will include long-distance voice communications, consumer local communications, wireless messaging/paging, and dial-up Internet access. A distribution of tracking shares is expected in the summer of 2001.

The WorldCom group accounted for 58% of total revenue in 2000, and for 62% of net income. At the end of 2000, the unit boasted 56,500 route miles of networks covering metropolitan centers, and an additional 10,150 route miles of local connections to customers worldwide. WorldCom's communications infrastructure now connects 123 cities across North America, Europe, Latin America and Asia. In addition, the unit has a 51.79% voting interest (19.26% economic interest) in Embratel, Brazil's facilities based national and international communications provider. The company believes in an on-net strategy that seeks to provide worldwide communications services over directly owned facilities. The on-net approach is intended to increase service reliability and reduce operating costs.

Two important growth drivers for the WorldCom group are web hosting and virtual private networks. In September 2000, WCOM agreed to an acquisition that would give it a controlling interest in Digex (DIGX), a leading Web hosting provider. WCOM believes combining its network infrastructure and customer relationships with DIGX's hosting products will offer competitive advantages that will rapidly boost its data services revenues. The company is also deploying technology to employ Voice over Internet Protocol to provide businesses with a wide range of integrated, lower cost voice and messaging services.

The MCI group accounted for 42% of 2000 total revenue, and 38% of net income. The division has experienced growth in local phone services (now available in New York, Pennsylvania and Texas), wireless messaging (through the SkyTel subsidiary), and dial up Internet access services. These businesses contributed approximately 6.1% of WCOM's total revenues in 2000.

INCORPORATED in Georgia June 21, 1983, as 21st Century Robotics, Inc. Name changed to TFC Teleservices Corp. Dec. 30, 1985; to Central Corp. Mar. 26, 1987; to Resurgens Communications Group, Inc. Apr. 16, 1989; to LDDS Communications, Inc. (Georgia) Sept. 15, 1993; to MCI WorldCom Inc. May 25, 1995; and to WorldCom Inc. May 4, 2000. Present title adopted June 2001. November 30, 1988, the company filed a petition under Chapter 11 of the Bankruptcy Code. May 5, 1989, the Court confirmed the company's amended plan of reorganization dated Mar. 23, 1989, and on June 29, 1989, the Court approved certain modifications to such plan. The plan provided, among other things, for the following: the issuance of one Common share of the reorganized company (New Company) in exchange for each 10 Common shares of the company (Old Company) outstanding prior to the reorganization; each dollar of allowed claims of the general unsecured creditors of Old Company was reduced to $0.25 and each of such creditors was issued one Common share of New Company, valued at $1 per share, for every $1 of reduced claims, which resulted in $5,800,000 of allowed claims being forgiven or exchanged for 1,330,618 Common shares of New Company; the shareholders and general unsecured creditors of Old Company received 5-year warrants to buy one Common shares of New Company for every Common share of New Company issued to them under the plan; New Company issued $152,000 of 10% Subord. Debs. to certain telephone companies in exchange for $607,000 of allowed claims held by them; Marshall Interfunding L.P. II invested $4,685,000 ($4,185,000 cash, $500,000 notes) in exchange for Common shares of New Company equal to about 72% of New Company's outstanding Common immediately after the reorganization; and New Company issued to a management group 5-year warrants to buy 8,824,600 Common shares (equal to 51% of the Common outstanding of New Company after the reorganization) at $1 a share. OFFICE- 500 Clinton Center Drive, Clinton Center Dr., MS 39056 (Tel.: 601-460- 5600). WEBSITE-http://www.wcom.com.





 

 

 

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