The BBC is not responsible for the content of external sites. Read about michael myers forex approach to external linking. American telecommunication corporation, currently a subsidiary of Verizon Communications, with its main office in Ashburn, Virginia. The company began as Long Distance Discount Services, Inc.
In 1985, LDDS selected Bernard Ebbers to be its CEO. The company became traded publicly as a corporation in 1989 as a result of a merger with Advantage Companies Inc. The company grew rapidly in the 1990s. The acquisition of MFS included UUNET Technologies, Inc.
129 billion merger agreement between the two companies. Had the deal been completed, it would have been the largest corporate merger in history. T as the largest communications company in the United States. However, in the year 2000 the telecommunications industry was in decline. Inflating revenues with bogus accounting entries from “corporate unallocated revenue accounts”. 64 billion Ponzi scheme in 2008. Effective December 16, 2002, Michael Capellas became chairman and chief executive officer.
During May 2003, the company was given a no-bid contract by the United States Department of Defense to build a cellular telephone network in Iraq. The deal was approved by federal judge Jed Rakoff during July 2003. About half of the cash was intended to pay various claims and settlements. Previous bondholders ended up being paid 35. 7 cents on the dollar, in bonds and stock in the new MCI company. It had yet to pay many of its creditors, who had waited for two years for a portion of the money owed. On July 13, 2005, Bernard Ebbers received a sentence that would keep him imprisoned for 25 years.
At time of sentencing, Ebbers was 63 years old. This was MCI’s last new product—- called “MCI Web Calling”. After the merger, this product was renamed “Verizon Web Calling”. 65 billion on May 10, 2004. Verizon closes book on MCI merger.