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Murray Waldron and William Rector start planning to build a company from the ground up. A discount long distance provider called Long- Distance Discount Service(LDDS).
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Bernard Ebbers, an investor in LDDS is named chief executive officer.
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Advantage Companies Incorporated made LDDS public in 1993.
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An all stock deal with IDB Communications Group Incorportated led to LDDS aquiring domestic and international networking.
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LDDS made a deal for $2.5 billion with Williams Telecommunications Group Incorporated. This led to LDDS being called WorldCom. LDDS gained voice and data transmission.
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WorldCom merged with MFS Communications Company Incoroporated and UUNet Technologies Incoroporated.
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WorldCom merged with three other companies. One for $40 billion, one for $1.2 billion, and the last for $1.3 billion.
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WorldCom and Sprint agreed to merge in 1999.
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U.S and European regulators blocked the merge. The agreement to merge WorldCom and Sprint was terminated.
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WorldCom merges with a company that provides data and Internet Services to businesses.
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WorldCom gets a request for all information related to financial procedures from the U.S Securities and Exchange Commission.
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WorldCom starts to cut jobs and staff. Approximately 4% of WorldCom's overall staff.
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Standard and Poor's cuts all WorldCom's corporate credit ratings.
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Moody's Investors Service cuts WorldCom's long term ratings.
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Bernard Ebbers resigned when the share prices began to hit the dumps.
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May 9 Moody's cuts WorldCom's debt ratings to junk status. May 10 Standard and Poor's cut WorldCom to junk status.
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Standard and Poor's cuts WorldCom from its 500 index.
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WorldCom cuts 17,000 employees from staff.
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WorldCom reveals accounting flaws dating back as far as 1999.
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WorldCom secured $2 billion financing package that the company would then use to their advantage during bankruptcy.
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WorldCom filed for bankruptcy protection.
$107 billion in assets.
$41 billion in debt.
Making it the largest file of bankruptcy in U.S history. -
WorldCom hires two men to oversee the restructure of the company, Gregory Rayburn and John Dubel. Both from AlixPartners LLC
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Chief Financial Officer Scott Sullivan was arrested for playing in the scandal. As was, David Meyers the controller.
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WorldCom lays off more than 5,000 employees.
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WorldCom makes a one-time $78.9 billion write- off.
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WorldCom's CFO Scott D. Sullivan pleads not guilty to securities and bank fraud.
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WorldCom agrees to pay back $500 million to settle civil fraud charges.
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A federal judge approves a $750 million settlement.
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Attorney General W.A Drew Edmondson files criminal charges against WorldCom Incorporated and six former executives.
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Bernard Ebbers found guilty of conspiracy.