Although a clear and blatant PR stunt, the congressional committee praised Winnicks stance and dropped its line of questioning. The $25m is unlikely to burn much of a hole in Winnick’s own pocket – he has sold shares in Global Crossing worth $700m over the last few years.
On top of the offer of a donation, Winnick denied that he was involved in any insider trading or fraud. The company remains under investigation from the US Justice Department and the Security & Exchange Commission.
Global Crossing, one of a number of companies to collapse in the global telecom slump, looks set to emerge from bankruptcy.
The company filed its plan to a Manhattan court last month, based around an injection of $250m from Hong Kong-based Hutchison Whampoa and Singapore Technologies Telemedia, in return for a 61.5% share of the business.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies