Last week I fulfilled the pledge that I made in October by establishing an irrevocable $25 million escrow account at Union Bank of California for the benefit of Global Crossing employees who invested their 401(k) plan in company stock.

We've won. We've fulfilled our pledge, 'Never Again!

When I sold that stock, the company had just completed an analyst call reporting its quarterly numbers, ... ... I was in Asia at the time when I read this report and our CEO at the time reconfirmed guidance both for the quarter and for the year, so the suggestion that I sold stock based on information that was not readily available is not correct.

Leo knows how to run large companies, he has current Internet experience and he has a proven record of creating shareholder value.

If nothing changes and we held to the pledge, it could be a delta of $14 million over the next four or five years, ... That's what we have to do to honor our commitment.

It was dismaying to see the account go out of the area.