Re: FoRK boys and their toys & plugging a stock
Thu, 26 Aug 1999 20:49:15 EDT

In a message dated 8/26/99 8:42:17 PM Eastern Daylight Time,

<< Koerner's Fourier Analysis has a couple of chapters on the early
transatlantic cables; a parenthetical comment in one shows the
similarity between the affluent victorian geek and the modern:

> Thomson's knowledge and instruments had contributed greatly to the
> new industry. In turn the patents which he held made him a wealthy
> man. He could now indulge his love of the sea from his own yacht.
> (Though even here he and his friend Helmholtz studied the theory of
> water waves, "which", [said] Helmholtz, "he loved to treat as a kind
> of race between us". When Thomson had to go ashore at Inverary for
> some hours, as he left he said: "Now, mind, Helmholtz, you're not to
> work at waves while I'm away".)



Global Crossing Doubles Trans-Atlantic Cable Capacity

Hamilton, Bermuda, Aug. 25 <A
HREF="aol://4344:30.bloombrg.389091.602536905">(Bloomberg)</A> -- Global
Crossing Ltd., a 2-year-old company that's building a worldwide fiber- optic
network, said it doubled its trans-Atlantic cable system's capacity as
Internet demand between Europe and the U.S. grows.

The upgrade for the high-speed AC-1 cable, which carries Internet data and
information, is 18 months ahead of schedule, and the Hamilton, Bermuda-based
company said it would again nearly double the cable's capacity by March.

Global Crossing is racing against other telephone companies to build networks
that can handle the rapid increase in voice and Internet traffic. Still,
Global Crossing hopes to boost its stock price to at least $34.56 to ensure
its $12.9 billion purchase of Frontier Corp. is completed.

``If they don't do the deal with Frontier, in spite of making their
technology targets, they're going to have to go to the capital markets and
issue more shares, and that will put further downward pressure on the
stock,'' said Donald Cunningham, an analyst with Gilmour & Associates in
Tarrytown, New York, who has a ``sell'' rating on the stock.

Cunningham, who expects the stock to reach 27 1/4 in the coming months, said
his firm has short-sold the stock, meaning the company hopes to profit by
repurchasing the shares later at a lower price and returning the shares to
the lender.

Global Crossing plans to finish its purchase of Rochester, New York-based
Frontier by October. Under the agreement, the company will pay $63 in stock
for each share of Frontier if Global Crossing shares trade between $34.56 and
$56.78. If the price falls below $34.56 for 15 out of 30 unspecified trading
days before the agreement closes, Frontier can walk away from the

On Monday, Bob Annunziata, Global Crossing chief executive said he expected
the Frontier purchase to go as planned.

Global Crossing shareholders will vote on the purchase Sept. 22, and Frontier
shareholders will vote the next day. The acquisition is expected to be
completed by October.

Demand for information over Global Crossing's 8,680-mile trans-Atlantic
fiber-optic cable linking the U.S., the U.K., the Netherlands and Germany is
growing at 80 percent a year, Annunziata said today in a statement. The
capacity increases should allow the company to stay ahead of growth demands.

Global Crossing said it increased the capacity of the high- speed Atlantic
cable to 80 gigabits a second from 40 previously. By March, the cable will be
able to handle 140 gigabits a second.

Global Crossing shares fell 5/8 to 30.

Aug/25/1999 16:20

For more stories from Bloomberg News, <A
HREF="aol://4344:30.BLOOMBRG.5288278.602602747">click here</A>.

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