DENVER-Qwest Communications International Inc., which relinquished its title as the most embattled telecommunications company to WorldCom this week, reported the resignation of Marilyn Nelson as a director of the company. Nelson said her decision was made due to increasing demands as chairman, president and...
OTTAWA-Nortel Networks Corp.'s shares tumbled to a 52-week low owing to a report of WorldCom's accounting practices.The company's stock fell more than 11 percent, or 18 cents, to $1.43 on the New York Stock Exchange on over 12 million shares traded.
CLINTON, Mass.-WorldCom Inc. said it plans to restate its financial statements for 2001 and the first quarter of 2002 as a result of an internal audit of the company's capital expenditures that showed up to $3.8 billion in cost transfers were not made in...
CLINTON, Miss.—Following weeks of speculation, WorldCom Inc. officially announced it is exiting the wireless resale business and laying off about 2,200 related employees."After carefully assessing our business and the current market conditions for wireless resale services, we have decided to exit the wireless resale...
CLINTON, Miss.—WorldCom will reportedly exit the U.S. wireless resale business during the coming months.The San Francisco Chronicle said it obtained a letter from WorldCom's general counsel to several key sales agents stating the wireless resale business "is not consistent with its core strategic business...
CLINTON, Miss.—WorldCom Inc. will reportedly exit the wireless resale business during the coming months.The San Francisco Chronicle said it obtained a letter from WorldCom's general counsel to several key sales agents stating the wireless resale business "is not consistent with its core strategic business...
CLINTON, Mass.—Bernard Ebbers resigned his position as president, chief executive officer and director of WorldCom Inc. The resignation came as WorldCom's stock had fallen from more than $60 share a couple of years ago to less than $3 today, concern about the amount of...
CLINTON, Miss.—WorldCom Group announced it will cut 3,700 jobs, affecting six percent of WorldCom Group's work force, or four percent of WorldCom Inc.'s overall work force, but not MCI Group.The company said the reduction is being taken to better align costs with its projected...
IDT Corp., a familiar face in the wireless broadband industry as the former suitor of Teligent Inc., successfully bid $42.5 million for Winstar Communications Inc. after several tumultuous days of negotiations that had the company teetering on the edge of liquidation.A judge in the...
NEWARK, N.J.—IDT Corp., the former suitor of Teligent Inc., said it will acquire Winstar Communications Inc. for $42.5 million after several tumultuous days of negotiations.Lawyers for Winstar were planning to ask the bankruptcy court on Monday if the company could file for Chapter 7...
HARTFORD, Conn.—Law firm Schatz & Nobel filed a lawsuit in the U.S. District Court for the Northern District of California on behalf of purchasers of Metricom Inc. common stock.The suit alleges that unbeknownst to the investing public, Metricom entered into three significant transactions with...
WASHINGTON—The Federal Communications Commission (FCC) took the 2500 MHz band out of consideration for third-generation (3G) wireless services, but relaxed rules to allow mobile use of frequencies previously limited to fixed communications.The FCC ruling comes in response to heavy pressure from Congress on behalf...
Vyyo Inc. reduced its work force by approximately 75 percent to less than 50 employees due to "uncertainty in the fixed wireless market and deteriorating economic conditions," according to John O'Connell, Vyyo's chief executive officer, although the company said it is not considering bankruptcy."The...
NEW YORK-Verizon Communications and SBC Communications Inc. held onto their respective first- and second-place rankings for profitability for 2000, according to research from Standard & Poor's.Deutsche Telekom-which was not listed on RCR Wireless News' stock chart in 2000 and therefore not among the major...
It took just one year for the hype and optimism to come crashing down on Metricom Inc., which now finds itself choking on nearly $1 billion in debt and seeking protection under Chapter 11 bankruptcy code.Last July, the high-speed wireless data provider launched its...
BOSTON-It may be a little battered and bruised, and missing a few former compatriots, but the wireless broadband industry made a strong showing in Boston last week at the Wireless Communications Association International 2001 convention. Conference participants used humor and humility to tackle issues...
Intense lobbying-both for and against-on a bill that would allow the Baby Bells to offer long-distance data services continued last week as action occurred or was announced in the House and the Senate. The House Judiciary Committee passed a bill the Bells saw as...
NEW YORK-WorldCom Inc. shareholders approved June 7 the creation of separate tracking stocks, which pursued separate pricing paths at the close of their first day of trading on Nasdaq June 8.Under the plan, each share of WorldCom was converted into one share of WorldCom...
WASHINGTON-An upcoming House bill could diminish the Pentagon's role in deciding the terms and conditions governing the transfer of Department of Defense spectrum to the mobile-phone industry for third-generation wireless systems, a move designed to put Commerce Secretary Donald Evans in charge of the...
Deutsche Telekom's recent acquisition of U.S.-based GSM operator VoiceStream Wireless Corp. again showed the ever-shrinking nature of the wireless industry. Including United Kingdom-based Vodafone Group plc's partial ownership stake in Verizon Wireless and Japan's NTT DoCoMo's interest in AT&T Wireless Services Inc., international telecommunications...
"Advanced messaging services."It's the catch phrase for the wireless messaging industry today, with most major companies betting everything that services like wireless e-mail access, Internet information and two-way paging will catch on with both consumers and businesses-and will compensate for the radical decrease in...
NEW YORK-Good news for carrier access to capital arrived from the debt markets May 9 as WorldCom Inc. broke a record for debt deal size by a U.S. corporation and a unit of Verizon Communications Inc. issued convertible bonds that comprised the third-largest sale...
If teens remain `talkaholics' and have fun doing it, Voyant Technologies wants to provide the fuel.With an instant voice-messaging solution in a next-generation environment, the company thinks it is ready to bring new spice to voice communications when it launches the product by the...
It may seem unbelievable now, but there was a time, not too long ago, when having spectrum that cost millions of dollars was looked upon as a good thing when offering wireless broadband service.The promise of interference-free transmissions and the freedom of owning a...
