Friday, February 08, 2002

Michael Jardeen adds another company and CEO to the rogues list:  Qwest.  Atrocious behavior by these men. 6:15:09 PM    Comment_ Trackback []

Space.com  NASA to go nuclear with propulsion and power.  Excellent.  Finally.  There isn't another power system out there that can provide the type of thrust necessary to get to distant targets fast.  For so many years, NASA has stayed away from nuclear power in space.  Why?  Fear of the militarization of space.  Fear of nuclear power.  While there is some risk, it's a lot less than people imagine.  These engines won't even be turned on until they are in orbit.  People tend to forget, perhaps out of ignorance, that space is a very, very hostile environment.  Anyway, it's nice to see progress being made. 5:57:16 PM    Comment_ Trackback []

This kind of DIY Web Services offering is very cool.  I suspect that if you combine this with KnowNow's software, the info published below would be live... 12:01:42 PM    Comment_ Trackback []

Omar finds a good link about Iran, Israel, and a nuclear reactor (Israeli Insider). 9:55:57 AM    Comment_ Trackback []

The Street:  WorldCom cuts out free coffee for employees. >>>Yes, in a heinous budget-cutting maneuver that has Juan Valdez boiling with anger, MCI WorldCom has carted all machines dispensing free coffee off the company premises, report the disgusted Dilberts. It's a cost-cutting measure, they hear. It'll save $4 million a year. And every little bit helps when you're making sure Bernie doesn't lose any money playing in the stock market.<<<  Personally, I think Bernie owes it to the employees to pay for this out of his own pocket! 9:21:19 AM    Comment_ Trackback []

9:17:51 AM    Comment_ Trackback []

WSJ.  WorldCom revises down its estimates: >>>WorldCom Inc. cut its revenue and earnings projections for 2002 and said it expects a second-quarter charge of $15 billion to $20 billion to write down the value of some acquired operations. The No. 2 long-distance provider also said its fourth-quarter net income fell 64%. Still, Chief Executive Bernard Ebbers bluntly disputed a laundry list of rumors about the telecommunications concern's accounting and financial viability that have dragged its shares to their lowest point in more than seven years. "Take a step back and focus on reality, not the fear factor," Mr. Ebbers said. "To question WorldCom's viability is utter nonsense." He said the company has ample liquidity and no likelihood of bankruptcy, credit default, violation of debt covenants, a debt downgrade or being dropped from the Standard & Poor's 500 Index.<<<  The company is under pressure due to poor cash flow and funky accounting, so Bernie does this (see below): 9:13:18 AM    Comment_ Trackback []

NYT.  Bernie Ebbers borrows from his company (MCI WorldCom) to repay debts. >>> In a conference call with investors, Mr. Ebbers said that he now owed WorldCom $339.7 million on two loans, and that WorldCom had guaranteed an additional $35 million loan, bringing his total obligation to the company to $374.7 million. He has the right to borrow $24 million more from the company, he said. At those prices, Mr. Ebbers's stake, as disclosed in filings with the Securities and Exchange Commission, is worth $136.1 million, or $238.6 million less than he owes. Mr. Ebbers said that he had sufficient assets other than his WorldCom and MCI stock to pay his loans and that those assets, which he did not identify, were now up for sale. "There  is no foreseeable future where I will have to sell my shares," he said. <<<  Huh?? Wow, what a deal.  This makes the insider deals at Enron look small and paltry. 9:04:04 AM    Comment_ Trackback []