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.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016