Williams Communications Stockholder Web Site
Events (Past and Future)
November 2002 - The class action lawsuits (which were filed before
the company declared bankruptcy and were put on hold during the
bankruptcy process) can resume. These lawsuits are against the
original Williams Communications and its officers not the new
WilTel or its owners. The total that can be recovered from the
original company is quite limited since all the significant assets
were given to the new company by the bankruptcy judge.
October 2002 - Judge Lifland approved the company's reorganization
plan. A new company has been formed (WilTel). The bondholders and
Leucadia hold 98% of the stock in the new company. The new company
has no bond debt. The stockholders in Williams Communications get
July 2002 - Judge Lifland rejected our request to have an equity
July 1, 2002 - Today we learned that the original judge on the
Williams Communications bankruptcy case recused himself (he quit).
A new judge has been appointed (Judge Lifland).
June 27, 2002 - A hearing did take place in front of Judge
Bernstein on our lawyers' motion to have an equity committee
appointed. The hearing lasted 3 hours. The judge did not make
a ruling on the spot.
June 27, 2002 - This is the new scheduled date for the hearing
(which was scheduled for May 30) on the company's motion for the
court to approve the contract that defined the "lock up" agreement.
May 29, 2002 - I received word that the hearing for the court to
approve the "lock up" contract had been moved out by four weeks.
This is not bad news for stockholders.
Now our lawyers will request that the judge instruct the Trustee to
appoint such a committee.
May 13, 2002 - Still Waiting. Pam Lustrin (U.S. Trustee's office)
has not yet announced her recommendation concerning the creation of
an Equity Holder's Committee. She may do so on Wednesday May 15.
May 9, 2002 - Pam Lustrin (U.S. Trustee's office) may announce her
recommendation concerning creation of Equity Holder's Committee
May 3, 2002 - Victor Sahn, our lead attorney, has begun the process
of interviewing possible nominees for an Equity Holder's Committee
May 2, 2002 - Pam suggested that a face to face meeting with the Trustee
should wait until after May 9
May 2, 2002 - Victor talks with Pam about our request for an Equity
Holders Committee and the possibility of a meeting with the Trustee
May 2, 2002 - Mickey suggests a meeting with Carolyn Schwartz, the Trustee,
(and Pam's boss) to request, in person, the appointment of an Equity
May 1, 2002 - Victor sends Pam a letter outlining more reasons why we
feel an Equity Holders Committee is appropriate
May 1, 2002 - Mickey attends the organizational meeting where Pam
officially meets with the company's and debtors' representatives
April 30, 2002 - Mickey Etkin, of Lowenstein Sandler, Roseland NJ,
joins our team as local counsel to assist Victor Sahn in requesting
appointment of an Equity Holders Committee
April 30, 2002 - Conversation Between Neal Nelson and Patricia Schrage
at Securities and Exchange Commission
April 23, 2002 - Request to Appoint Equity Holders Committee
from Victor Sahn to Carolyn Schwartz (U.S. Trustee)
April 23, 2002 - Frank Zolfo and Victor Sahn Appointed as
Consultants to the Stockholders Committee
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© 2002, Neal Nelson & Associates.