Metromedia Fiber Network - Metromedia under Investigation by SEC

Metromedia Fiber Network - Metromedia under Investigation by SEC

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Metromedia Fiber Network - Metromedia under Investigation by SEC
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Beautifully engraved certificate from the Metromedia Fiber Network, Inc . This historic document was printed by the American Banknote Company and has an ornate border around it with a vignette of the company's name and logo. This item has the printed signatures of the Company’s President (Nicholas M. Tanzi) and its Secretary.
Certificate Vignette Metromedia Fiber Network was founded in 1993 and started with a single franchise in New York City. Its first network became operational in 1996. In 1997, Metromedia Company invested in MFN and the Company made its initial public offering of stock, enabling it to begin expansion outside New York City. Today MFN has grown into a multinational corporation with more than 1,700 employees and with operations in North America, Europe and Asia Pacific. Metromedia Fiber Network, Inc. (MFN) is a global leader in optical networking infrastructure and is the largest supplier of optical fiber in metropolitan areas. Services include full integration of metro-area private optical connectivity, global optical IP connectivity, world-class data centers, and complex web hosting. Metromedia under SEC scrutiny Bankrupt telecom firm says agency opens formal investigation into accounting of 2001 results. June 13, 2002 PALO ALTO, Calif. - Metromedia Fiber Network Inc. said Thursday the Securities and Exchange Commission had begun a formal investigation into its past accounting practices, joining a long list of U.S. companies to come under such scrutiny in the wake of the Enron Corp. accounting scandal. Metromedia, which builds high-speed fiber optic networks in cities and filed for Chapter 11 bankruptcy protection last month, said the probe related to results for fiscal 2001. As Metromedia previously announced, it expects to restate results for each quarter in 2001 due to issues surrounding revenue and sales credit recognition, the timing of expense recognition, as well as noncash lease accounting and purchase accounting issues. First- and last-mile MFN optical connectivity is a critical tool in transforming business because the vast majority of content originates and is utilized within the major cities MFN serves. MFN shatters bandwidth barriers by delivering seamless, end-to-end communications capacity that scales exponentially while enabling customers to realize cost savings and business efficiencies. MFN markets its services directly to carriers, businesses, universities, and government agencies. Chapter 11 looms after Metromedia Fiber Network default on Nortel payment NEW YORK, Apr 01, 2002 (The Canadian Press via COMTEX) -- Metromedia Fiber Network Inc. has replaced its chief executive and head of finance after a missed payment to Nortel Networks Inc. provoked cascading defaults on $673.5 million US in debt. The communications infrastructure operator said Monday that an "event of default" occurred Friday when it failed to make a payment of $8.1 million US on $231 million worth of 14 per cent notes due in 2007 issued to Nortel. "The company was unable to make the interest payment and at the same time satisfy its other near-term cash requirements," Metromedia Fiber Network explained in a statement, as expectations grew that it will file for Chapter 11 bankruptcy protection from creditors. The default on the notes held by Nortel (TSE:NT) triggered cross-default provisions on $442.5 million US in other debt: $150 million worth of notes held by a group led by Citicorp, as well as $62.5 million in notes issued to Bechtel Corp., $50 million in notes held by Verizon Communications Inc., and $180 million in assorted indebtedness to various vendors. All this was in addition to a previously announced "deferred payment" of $30 million due in mid-March on $975 million in notes held by Verizon. Apr 1, 2002 - Metromedia Fiber Network Announces Senior Management Changes; Company Announces Debt Defaults; Company Delays Filing of Year 2001 Form 10K NEW YORK, (BUSINESS WIRE) -- Metromedia Fiber Network, Inc. (MFN) ( NASDAQ:MFNX), the leading provider of digital communications infrastructure, announced today that the Board of Directors has, effective immediately, appointed John W. Gerdelman as President and Chief Executive Officer of MFN and Robert F. Doherty as Executive Vice President, Finance and Administration of MFN to provide the Company with focused leadership and to guide the Company through its previously announced efforts to seek to restructure its indebtedness and to explore other opportunities in order to satisfy its near-term and medium-term liquidity needs. Mark Spagnolo, President and Chief Executive Officer of MFN, and Randall Lay, Senior Vice President and Chief Financial Officer, have elected to leave the Company to pursue other interests. John Gerdelman is a technology and telecommunications industry veteran bringing with him over 20 years of experience. Mr. Gerdelman was Managing Partner of Mortonsgroup LLC, an information technology and telecommunications venture and consulting group located in Northern Virginia. He previously served as President and CEO of USA.NET, a privately held provider of innovative email solutions. Prior to USA.NET, Mr. Gerdelman served as President of the network and information technology division of MCI Telecommunications Corporation. Mr. Gerdelman's 13 year tenure at MCI covered all areas of the company, including sales, marketing, service, network operations & information technology. As one of three MCI division presidents responsible for achieving MCI's annual earnings targets, he developed and delivered on MCI's network and information technology strategy - including the transition from a priced based telecom company to a global full service data communications company. He led his team of over 20,000 network and information technology professionals from the bottom to the top industry ratings in numerous performance categor


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