• United States
Managing Editor


Jul 20, 20042 mins

* Leucadia National trying to buy half of MCI

Reportedly under advisement from ex-Qwest CEO Joe Nacchio, conglomerate Leucadia National is trying to buy at least half of MCI’s stock. Leucadia is a holding company and is involved in several different businesses including telecommunications, healthcare and banking. Last year after WilTel Communications emerged from bankruptcy, Leucadia acquired the national service provider. MCI emerged from bankruptcy in April. Although it seems Leucadia is trying to acquire a controlling interest in the carrier, this “is not an offer to buy MCI,” says a company spokesman.

Lucent was awarded a $5 billion, six-year contract by Verizon Wireless to outfit the operator with a variety of networking equipment, software and services. The deal continues to make Lucent Verizon Wireless’ primary next-generation network infrastructure supplier. The agreement includes a $525 million contract announced in March, naming Lucent as a key supplier for Verizon Wireless’ BroadbandAccess high-speed data network. It also replaces a $5 billion arrangement signed between the two companies in March 2001.

Nortel expects a restatement of its 2003 financial results would substantially wipe out all of its net earnings for the year, with one-third of the reductions impacting the second half of the year. Nortel said that the reductions are expected to turn the previously reported net earnings for the first-half of 2003 into a net loss, and slash the net earnings and earning from continuing operations for the second half of the year. The company released the predictions as part of a series of biweekly status updates it is required to submit to the Ontario Securities Commission. Both Canadian and U.S. securities regulators have launched investigations into the company’s accounting practices.

Managing Editor

Jim Duffy has been covering technology for over 28 years, 23 at Network World. He covers enterprise networking infrastructure, including routers and switches. He also writes The Cisco Connection blog and can be reached on Twitter @Jim_Duffy and at

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