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Level 3 Stockholder Questions

Level 3 Stockholder Questions

Holders of tw telecom shares (TWTC) received $10 cash and 0.7 shares of Level 3 common stock for each share of tw telecom common stock owned as of October 31, 2014.

Holders of Global Crossing shares (GLBC) received 16 shares of Level 3 common stock for each share of Global Crossing common stock owned as of October 3, 2011.

No. Under the Plan of Reorganization, which became effective on December 9, 2003, existing common and preferred shareholders did not receive any distributions or participate in the new capital structure. As a result, the existing common and preferred shares were cancelled on December 9, 2003 and are deemed worthless.

No. The previous common and preferred stock in the pre-bankruptcy Global Crossing have been cancelled. The new common stock was distributed to certain creditors of Global Crossing to satisfy their claims in accordance with the Plan of Reorganization. GLBC shares with CUSIP number is G3921A175 can be converted into CTL shares.

The cancelled common stock has a CUSIP number of G3921A100. The post-bankruptcy GLBC stock's CUSIP number is G3921A175.
Under U.S. federal bankruptcy law, holders of preferred and common stock of a company in Chapter 11 are the lowest in priority in bankruptcy and are after secured and general unsecured creditors in terms of their ability to receive a recovery on their claim. In Global Crossing's case, after satisfying creditor claims, there was no remaining value to distribute to previous shareholders.
Holders of the cancelled common and preferred stock should contact their financial advisor for more information about the tax implications.
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