I was a tw telecom shareholder. What were the transaction details for the Level 3 acquisition of tw telecom?

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.

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I was a Global Crossing shareholder. What were the transaction details for the Level 3 acquisition of Global Crossing?

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.

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Did holders of Global Crossing's common and preferred stock prior to Global Crossing's 2002 bankruptcy receive any distribution following Global Crossing's emergence from Chapter 11?

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.

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Can shareholders of the former Global Crossing convert their shares into CenturyLink (CTL) shares?

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.

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How can I tell if I own shares of the cancelled pre-bankruptcy common stock or the new GLBC stock?

The cancelled common stock has a CUSIP number of G3921A100. The post-bankruptcy GLBC stock's CUSIP number is G3921A175.

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Why didn't the holders of Global Crossing's former common and preferred stock receive any distribution following the Company's emergence from the Chapter 11?

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.

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What are the tax implications of owning cancelled shares?

Holders of the cancelled common and preferred stock should contact their financial advisor for more information about the tax implications.

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