July 22nd, 2002, 04:12 PM
worldCOM going down.
Hey I just heard worldCOM is going down. This is gonna make alot of users mad if they stop being a ISP though.
Its a big company I wonder why its going down hill.
July 22nd, 2002, 04:22 PM
Because they grossly overstated income, calling over 4 billion dollars of expenses/losses 'capital expenditures' thus making the company look more profitable. On top of that, they had over 30 billion dollars of existing debt...combine the two with itchy investors and nervous creditors doing cash calls and you have massive bankruptcy.
In their official announcement, they specifically said that all operations will continue (the bankruptcy is chapter 11 or restructuring...), that they don't anticipate any changes in employees (people who would work on those internet connections), and that service will continue as normal. They are also supposidly bound by law to give a minimum of 30 days notice if they are to shutdown any network connections.
I would suspect the road to recovery to be long and painful for them and whether or not they make it, UUNET (their ISP part) will move on, if not under worldcom, under someone else...
There is only one constant, one universal, it is the only real truth: causality. Action. Reaction. Cause and effect...There is no escape from it, we are forever slaves to it. Our only hope, our only peace is to understand it, to understand the 'why'. 'Why' is what separates us from them, you from me. 'Why' is the only real social power, without it you are powerless.
(Merovingian - Matrix Reloaded)
July 22nd, 2002, 04:46 PM
has anyone else noticed the increased negotiations, co-involvement between microsoft and worldcom lately? ...i'd hate to think or even imply what is an 'unknown,' but the thought has to scare you...
July 23rd, 2002, 05:19 PM
if any of you wondered that the lights will be turned out in wcoms fiber - here is an interesting article. Did you know that half of the internet traffic runs over a WCOM network including the military and government. I remember when i worked over there a few years back, wcoms big story was that they provided the dedicated circuit for the red phones between washington and the kremlin.
freedom is a road seldom traveled by the multitude
freedom aint free
July 23rd, 2002, 05:24 PM
yep...Worldcom owns UUNet.....but they assure the public that UUNet will not be affected. Given the level of honesty displayed thus far, I should believe this because...?
It isn't paranoia when you KNOW they're out to get you...
July 23rd, 2002, 05:27 PM
This is going to hurt the Telecom sector badly