| Are they serious? "The company fears that if Ebbers filed for personal bankruptcy, it would wipe out his obligation to repay his debts. Under WorldCom's reorganization plan, all but about $6 billion of its $41 billion in debt would be erased by the bankruptcy process."
Is the new Worldcom, or MCI, whatever they are called so naive as to think that Ebbers will pay back .01 of this money in a million years?? We are talking 400 million dollars. What a joke! |
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 trisomyPremium
join:2002-05-23
Katy, TX | My guess is MCI is liquidating some of his assets based on his loan. If they call the loan "bad" then it may complicate the recovery process by liquidation since if they judged it 'uncollectable' they might need to concede that they would have no basis for the liquidation.
As well, it is likely his bonus/severance has been 'booked' as an obligation, again if they declared the loan 'uncollectable' until there is a final ruling they would need to carry the liability (since it involves employee wages) without the loan offset. |
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 oliphant5Got Identity?Premium
join:2003-05-24
Corona, CA | But as a last resort MCI could charge it off as a bad debt. |
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trisomyPremium
join:2002-05-23
Katy, TX | I agree, whatever is not collected or settled will necessarily be handled in this manner...not that they need them mind you  |
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