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09 Dec 2002
According to the Financial Times, Ebbers made a donation to Mississippi College that was financed by loans he received from WorldCom when he was CEO. It involved Ebbers guaranteeing a letter of credit on bond issues from the school he graduated from.
While the bonds were guaranteed using his stock as collateral, this was replaced by $36.5m in cash by WorldCom, when the stock price fell.
Although the tax benefit can only be realised once the bonds mature, Ebbers has made a request to the Bank of America that they be paid earlier than planned. This, according to the FT, could be as early as February.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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