Even in the peak year of its stock value, Global Crossing still lost a staggering $1.4 billion. In 2004, Mr. Winnick contributed $30 million to a settlement with two pension funds totaling $325 million. Mr. Winnick was not one of them, however. “It’s an explanation.”In 2011, Global Crossing was sold to Level 3 Communications for $3 billion. In 1972, Mr. Winnick married Karen Binkoff, who went on to write children’s books.

Source: Forbes November 15, 2023 12:15 UTC