Business Services Industry
Berkshire Hathaway's $500 Million Infusion of Level 3 Draws Mixed Reaction.
Knight Ridder/Tribune Business News, July, 2002
By Aldo Svaldi, The Denver Post Knight Ridder/Tribune Business News
Jul. 9--The $500 million infusion into Level 3 Communications from Berkshire Hathaway, Legg Mason and Longleaf Partners Funds represents a vote of confidence in the Broomfield company, not a new dawn for the devastated telecommunications industry, analysts said.
Level 3 CEO Jim Crowe "I think it is too early to call a bottom in telecommunications," said Jerry Paul, founder of hedge fund Quixote Capital Management and former manager of the Invesco High Yield Fund. "These guys are making a bet on one of the best management teams in telecom."
Close ties between Warren Buffett, chairman of Berkshire Hathaway, and Level 3's chairman, Walter Scott Jr., likely had more to do with...
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