April 2003
Investment Dealers' Digest;4/28/2003, Vol. 69 Issue 17, p52
Trade Publication
This article presents information about developments in investment banking in the telecommunications sector of the U.S. as of April 28, 2003. Former WorldCom Inc. CFO Scott Sullivan pleaded not guilty to allegations he defrauded creditors by submitting false information in applications for 4.25 billion dollars in loans. He has entered the same plea for several previous charges related to the 11 billion dollar accounting fraud that pushed WorldCom into bankruptcy. Revenues slipped 0.9 percent to 16.28 billion dollars, a 15 percent rise in mobile sales countering a four percent decline in local line revenues.Virgin Mobile USA attracted 500,000 net subscribers in its first nine months of operations.


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