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Worldcom was the number two United States long-distance telephone carrier, but inquiries into the companys accounting practices in 00 led to the resignations of its top executives and the filing of fraud charges by the SEC. The company has filed a plan of reorganization under bankruptcy protection. Worldcom filed for bankruptcy-court protection in July 00 after it had begun to disclose an accounting fraud that people close to the situation say has since ballooned to roughly $11 billion. The bankruptcy filing wiped out the value of stock that had been worth a total of $180 billion at its peak. In May, WorldCom agreed to settle the SECs civil fraud charges by paying $500 million to shareholders who lost money because of the accounting fraud. The additional funds were added to the settlement to address concerns raised by U.S. District Judge Jed S. Rakoff in New York, who is overseeing the civil case.

Since the crash of the number two United States long-distance telephone carrier, WorldCom has agreed to include a deal that includes $50 million of common stock. This is to included on top of the $500 million fine. The supplemental relief, states the SEC, if approved would allow victims of the fraud to share in the potential upside of owning WorldCom common stock when it emerges from bankruptcy. This could be a huge upswing if stockholders believe that WorldCom will rebound from its mistakes. Bob Blakely believes that Todays settlement reflects an additional contribution of $50 million in common stock that will allow shareholders and bondholders to participate in the future success of the company. We believe in what Mr. Blakely says. We hope this can be a huge shot in the arm for WorldCom if all the investors agree and trust the company again. The revised settlement includes the $500 million cash payment in the original settlement and an added $50 million in shares of the company once it merges from bankruptcy-court protection. According to Devlin Barrett from the Associated Press states "A federal judge agreed to a settlement fining WorldCom $750 million for its $11 billion accounting scandal, saying tougher measures might harm the giant telecommunications companys 50,000 employees and quash hopes for investors."

We are hoping for the sake of our economy, corporate employees, the shareholders and our major businesses that we, as a nation, can more readily recognize the accounting pitfalls that we have seen in recent years. I think WorldCom is paying a severe penalty, but they are doing their best to right the wrongs they have done in the past. WorldCom has vowed not to violate any more laws and also hire the appropriate personnel. We see this as a good start for WorldCom and a definite positive future.

Work Cited

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Source Young, Shawn - The Asian Wall Street Journal. New York, NY July

4, 00 WorldCom Investors May Get Record Settlement Start PageM7

The Dallas Business Journal, May 1, 00 @ http//dallas.bizjournals.com/dallas/stories.

Devlin Barrett, Associated Press. Federal judge approves $750 million WorldCom penalty" Wednesday, July 08, 00. http//www.startribune.com/stories/55/7564.html

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