Feeds

Ebbers sued for $400m

WorldCom wants its money back...

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

Bernie Ebbers, disgraced ex-CEO of WorldCom, is being sued for $400m by the firm he used to run.

WorldCom, which now trades as MCI, filed documents in the New York Bankruptcy court for repayment of a $408m loan made to Ebbers. He is believed to have returned some of the money with the proceeds of share sales. The company is also seeking to end Ebbers' generous pension and benefits package.

Ebbers used WorldCom shares to buy Canada's largest cattle ranch and a shipyard. When the share price started to come under pressure the company lent him money to underwrite his loans and stop him selling stock.

Ebbers, and 18 other executives, last week paid $51m to settle a class action suit brought by ex-WorldCom employees who saw the value of their pensions collapse along with WorldCom's share price. In November, Ebbers faces trial for fraud and conspiracy for his part in the $11bn collapse of WorldCom. ®

Related stories

Ebbers and chums pay $51m to settle pensions suit
Ex-WorldCom CFO coughs in Mississippi court case
Bernie Ebbers faces criminal charges

Intelligent flash storage arrays

More from The Register

next story
TEEN RAMPAGE: Kids in iPhone 6 'Will it bend' YouTube 'prank'
iPhones bent in Norwich? As if the place wasn't weird enough
Consumers agree to give up first-born child for free Wi-Fi – survey
This Herod network's ace – but crap reception in bullrushes
Crouching tiger, FAST ASLEEP dragon: Smugglers can't shift iPhone 6s
China's grey market reports 'sluggish' sales of Apple mobe
Sea-Me-We 5 construction starts
New sub cable to go live 2016
EE coughs to BROKEN data usage metrics BLUNDER that short-changes customers
Carrier apologises for 'inflated' measurements cockup
Comcast: Help, help, FCC. Netflix and pals are EXTORTIONISTS
The others guys are being mean so therefore ... monopoly all good, yeah?
Surprise: if you work from home you need the Internet
Buffer-rage sends Aussies out to experience road rage
EE buys 58 Phones 4u stores for £2.5m after picking over carcass
Operator says it will safeguard 359 jobs, plans lick of paint
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.