innicks spending was criticized. Many employees lost more than their jobs when the company filed bankruptcy.[further explanation needed] Even as the companys financial situation deteriorated, work continued on Winnicks Bel Air mansion, valued at $92 million. Winnick purchased the 30,000-square-foot (2,800 m2) mansion on 9 acres (36,000 m2) in September 2000 from David Murdock. After the acquisition, much of the house was renovated, mechanical and electrical systems were updated, and a service wing was converted into a studio for Winnicks wife Karen. Winnick stated publicly that the 64-year-old estate was being updated and freshened.[15] Hutchison Whampoa withdrew from its planned purchase of Global Crossing after the Committee on Foreign Investment in the United States made it clear that purchase by Hutchison would not be approved. ST Telemedia acted alone to purchase Global Crossing for $750 million, buying it out of bankruptcy and terminating Winnicks control of the company. Political contribution
Posted on: Thu, 03 Jul 2014 20:43:09 +0000
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