December 31, 2002
LOS ANGELES -- Gary Winnick, Founder and Chairman of Global Crossing, today released the following letter that has been sent to the Board of Directors: "Dear Members of the Global Crossing Board of Directors: Much has happened during this past very challenging year. New Board members and new advisors, including the Blackstone Group and Weil, Gotshal, have joined the Global Crossing team to effect the plan of reorganization that has been confirmed by the bankruptcy court. I deeply appreciate the confidence the Board placed in me to lead this effort. Last week I fulfilled the pledge that I made in October by establishing an irrevocable $25 million escrow account at Union Bank of California for the benefit of Global Crossing employees who invested their 401(k) plan in company stock. Having accomplished these goals, I have decided to step down from the Board of Directors effective December 31, 2002. As I reflect on my leadership of Global Crossing, I am proud to have served with my fellow Board members and with the extraordinary men and women who worked tirelessly to turn our company's vision into reality. We shared a vision of revolutionizing global telecommunications. The collapse of the telecommunications industry, however, has taken a terrible toll on employees and investors alike, with an unprecedented loss of billions in investments and tens of thousands of jobs. I deeply regret that so many good people involved with Global Crossing also suffered significant financial loss. Because of the decision to declare bankruptcy when we did, however, that vision of a truly complete and global communications network will be preserved, and I am confident that John Legere, who we appointed in 2001 to be Chief Executive Officer, will lead this company through the next chapter in its history. I once again thank the members of the Board of Directors for their continuing dedication and commitment to Global Crossing, especially during this extremely challenging time, and for the extraordinary opportunity of working together to create a company whose future holds unlimited potential." Global Crossing Holdings Ltd.
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