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Weil Gotshal & Manges demonstrates the risks of electronic communication

New York firm, Weil Gotshal, has found itself in sticky waters since it sent an open e-mail to all parties that had expressed an interest in its bankrupt telecoms client, Global Crossing.

22 April 2002

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Weil Gotshal & Manges
demonstrates the risks of electronic communication

New York firm, Weil Gotshal, has found
itself in sticky waters since it sent an open e-mail to all parties that had expressed
an interest in its bankrupt telecoms client, Global Crossing.

Although the message, sent at the end of last month, contained only standard
information regarding bidding procedures for Global Crossing, the inadvertent
disclosure of all interested parties is an embarrassing lapse for the New
York-based firm. The companies listed had signed confidentiality agreements with
Global Crossing's financial adviser Blackstone Group.

Potential bidders include international telecoms companies BT, Deutsche
Telekom and France Telecom, as well as financial giants Credit Suisse First
Boston, Lehman Brothers and UBS Warburg. Skadden Arps Slate Meagher & Flom
partner Michael Gisser was also among the recipients.

Categorised in:

Risk & Compliance