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November 16, 2009

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Ebbers’ $408 mil. loan at issue

Tuesday, Sept. 10, 2002 | 9:49 a.m.

CLINTON, Miss. -- WorldCom's Inc.'s board is meeting today to consider revoking a severance package given to former Chief Executive Officer Bernard Ebbers, an attorney for WorldCom director Stiles Kellett Jr. said.

The board is scheduled to hear a report from Richard Breeden, the company's court-appointed monitor, on Ebbers' compensation and the terms of a $408.2 million loan he was given, said Stuart Pierson, Kellett's attorney.

WorldCom, the second-biggest U.S. long-distance phone company, filed for bankruptcy protection in July after disclosing that it hid $3.85 billion in expenses to hide losses. The company, charged with fraud by federal authorities, revealed another $3.1 billion in misstated results last month.

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