WorldCom Sells Ex-Chief's Canada Ranch -- WorldTradeStocks.com

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Subject:

WorldCom Sells Ex-Chief's Canada Ranch

Author:
Bernie"plead the 5th" Ebbers

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Date Posted: 11:17:36 05/31/03 Sat

WorldCom Sells Ex-Chief's Canada Ranch
By BLOOMBERG NEWS

orldCom said yesterday that it had agreed to sell a Canadian ranch once owned by its former chief executive, Bernard J. Ebbers, for $68.5 million.

E. Stanley Kroenke, owner of the Colorado Avalanche hockey team, the Denver Nuggets basketball team and the St. Louis Rams football team, will buy the British Columbia property, Canada's biggest working cattle ranch.

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WorldCom has been selling assets it seized from Mr. Ebbers, who resigned as chief executive in April 2002 after borrowing $400 million from the company. When Mr. Ebbers resigned, he put the ranch up as collateral for some of the company loans. In 1998, he paid 100 million Canadian dollars ($73 million) for the 500,000-acre Douglas Lake Ranch.

The 120-year-old property, covering an area almost three times the size of New York City, is about 200 miles northeast of Vancouver and includes fly-fishing lakes and lodges for tourists. It also has a farm, as well as logging and agriculture-equipment businesses.

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