Is MCI WorldCom stock worth anything?

Is MCI WorldCom stock worth anything?

Owners of the old common stock, which trade under the symbols WCOEQ and MCWEQ, will no longer hold any financial claim on the company. “The current shares of Worldcom trading on the Pink Sheets will have no value when we emerge from bankruptcy,” MCI spokeswoman Claire Hassett said.

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Why did WorldCom’s stock price drop?

Andersen said WorldCom withheld information. In Dublin by close the ISEQ index was trading at 4,697.32 points, down -150.74. Shares of WorldCom plummeted in response to the news, losing almost three-quarters of their remaining value as they hit a low of 20 cents in after-hours trade from a close of 83 cents on Nasdaq.

What was WorldCom’s ticker?

WorldCom will trade under the ticker symbol WCOME instead of its normal WCOM. MCI will trade under symbol MCITE instead of its prior MCIT. The letter “E” is added to companies that are delinquent in their filings with the U.S. Securities and Exchange Commission, a Nasdaq spokesman said.

How much money did investors lose on WorldCom?

The institutional investors claimed they lost roughly $1.8 billion from their investments in WorldCom bonds and stock. Lerach Coughlin asserted that its clients recovered a higher proportion of their losses than the plaintiffs in the class action did for the same securities.

How much money did WorldCom lose?

NEW YORK (CNN/Money) – WorldCom, the nation’s No. 2 long-distance phone company, filed for Chapter 11 bankruptcy protection late Sunday, nearly one month after it revealed that it had improperly booked $3.8 billion in expenses.

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Pricing Information

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How much money was lost in the WorldCom scandal?

The fraud was uncovered in June 2002 when the company’s internal audit unit, led by vice president Cynthia Cooper, discovered over $3.8 billion of fraudulent balance sheet entries. Eventually, WorldCom was forced to admit that it had overstated its assets by over $11 billion.

How much did investors lose from WorldCom?

When did MCI WorldCom go out of business?

July 21, 2002
Bankruptcy. On July 21, 2002, WorldCom filed bankruptcy in the largest such filing in United States history at the time (overtaken by the bankruptcies of both Lehman Brothers and Washington Mutual in a span of eleven days during September 2008).

What happened to WorldCom stock?

Millions of shares of WorldCom’s stock, which is trading over the counter for pennies, are being bought and sold. On July 3, 57 million shares changed hands. On July 7, 65 million shares were traded. The stock will become worthless.

Is the WorldCom stock still worth anything?

WASHINGTON (CBS.MW) – Many investors cling to the hope that WorldCom’s old stock will still be worth some money after the company emerges from bankruptcy protection, but most shareholders will receive little or nothing.

Is the WorldCom stock on the Pink Sheets?

“The current shares of Worldcom trading on the Pink Sheets will have no value when we emerge from bankruptcy,” MCI spokeswoman Claire Hassett said. Common shareholders aren’t entirely out of luck, however.

Who are the shareholders of WorldCom Inc?

More to the point, shareholders are not technically creditors. They are the actual owners of a business. “Shareholders are regarded as being part of the company, borrowing money from creditors,” LoPucki said. In any case, even large creditors have lost a bundle on WorldCom — $35 billion, to be exact.

What kind of company is MCI WorldCom?

MCI WorldCom is a new kind of communications company. With revenue of more than $30 billion, MCI WorldCom combines financial strength and a depth of resources to pursue the industry’s best growth opportunities with an advanced global network built for the data-intensive era of communications.