Then: Why You Still Don't Have Broadband
In February 2002, WorldCom CEO Bernie Ebbers tells analysts that the company paid off his margin loans. He now owes the company almost $300 million, while his company shares are worth only $120 million. Assets potentially up for sale: his villa in Vail, Colo., and his 164,000-acre spread in British Columbia, Douglas Lake Ranch bought in 1998 for a reported $67 million. Meanwhile to conserve cash, WorldCom cuts off employees' coffee supplies and stops subsidizing their home long-distance bills.
Following an $11 billion accounting scandal, WorldCom files the largest bankruptcy in U.S. history in July 2002. Ebbers is now serving 25 years in a Louisiana prison for his role in the debacle.