Magazine

Table: CIBC, Global Crossing, and Drexel


MARCH, 1997

Gary Winnick, a former Drexel exec, and CIBC are brought together by Bruce Raben, a dealmaker for the bank in L.A. who also worked for Drexel. CIBC pays $41 million for a 25% stake in Global.

AUGUST, 1998

Global sells stock to the public, valuing CIBC's stake at $926 million. Of the 19-member board, 3 out of 5 CIBC seats are filled by Drexel alums.

JUNE, 2000

All CIBC directors have resigned.

OCTOBER, 2000

CIBC hedges on Global; locks in gains of about $800 million.

FEBRUARY, 2002

To date, CIBC has sold $1.3 billion worth of Global shares. It has locked in profits on an additional $300 million, yet to be realized. Write-offs on loans and preferred shares may hit $242 million, however.


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