31/10/2013
The following is the portfolio belonging to Bernard John "Bernie" Ebbers, carefully examine the list & read the conclusion;
1. Douglas Lake Canada's biggest ranch - 500,000 acres (2,000 km²) in British Columbia. General partner/president. Acquired in 1998 for about $65 million. Sold on May 30, 2003 by MCI to E. Stanley Kroenke
2. Angelina Plantation - 21,000 acres (85 km²) farm in Monterey, Louisiana. Co-owner with brother, John Ebbers. Acquired in 1998.
3. Joshua Holdings - which combined with Joshua Timberlands and Joshua Timber totals 540,000 acres (2,200 km²) of timberlands in Mississippi, Tennessee, Louisiana and Alabama. Majority owner. Acquired properties in 1999 for about $600 million
4. Pine Ridge Farm - Livestock and crop farm in Mississippi. Owner. LLC formed in 1997
5. Columbus Lumber - High-tech lumber mill in Brookhaven, Mississippi. Majority owner since at least 1996
6. Yachts - BCT Holdings, owner of Intermarine, a yacht building and repair company in Georgia. Primary owner. Intermarine acquired in 1998 for about $14 million
7. Hotels - Nine hotels in Mississippi and Tennessee: Co-owner or owner. Acquired over many years
8. Trucking - KLLM, a trucking firm in Mississippi. Director. Acquired with partner in 2000 for about $30 million. Its present President is K. William Grothe, who served as Senior Vice President of Corporate Development for WorldCom, where he headed the company's merger and acquisition activities. Mr Grothe served as KLLM president until it neared bankruptcy under his leadership.
9. Sports - Mississippi Indoor Sports/Jackson Bandits, a minor league hockey team. 50% owner. Acquired in 1999. Sold stake in September 2003
On July 13, 2005, federal judge Barbara S. Jones, of the U.S. District Court, Southern District of New York in Manhattan, sentenced Ebbers to twenty-five years in a federal prison in Louisiana. Ebbers was allowed to remain free for another year while his appeal was being considered. His conviction, however, was upheld in a federal circuit court on July 28, 2006. On September 6, 2006, the presiding judge ordered him to report to jail on September 26 to start serving his 25-year sentence.
This case simply reminds us that crime does not pay! Lets all be ethical.