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| FORM 3 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
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1. Name and Address of Reporting Person*
Global Crossing Ltd.
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(Last) (First) (Middle)
Wessex House, 45 Reid Street
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(Street)
Hamilton HM12, Bermuda
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(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year) February 22, 2000
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3. IRS Identification Number of Reporting Person if an entity
(voluntary) 98-0189783
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4. Issuer Name and Ticker or Trading Symbol IPC Communications, Inc. (IPI)
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5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
___ Director ___ Officer _x_ 10% Owner ___ Other
(give title below) (specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group Filing (Check Applicable Line)
_x__ Form filed by One Reporting Person
____ Form filed by More than One Reporting Person
TABLE I--NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
<TABLE>
<CAPTION>
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1. Title 2. Amount of 3. Ownership Form: 4. Nature of
of Securities Bene- Direct (D) or Indirect Bene-
Security ficially Owned Indirect (I) ficial Ownership
(Instr. 4) (Instr. 4) (Instr. 5) (Instr. 5)
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<S> <C> <C> <C>
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Common Stock,
$0.01 par value See Attachment A. See Attachment A. Not Applicable
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</TABLE>
TABLE II--DERIVATIVE SECURITIES BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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1. Title of Derivative 2. Date Exer- 3. Title and Amount of Securities 4. Conversion 5. Ownership 6. Nature of In-
Security (Instr. 4) cisable and Underlying Derivative Security or Form of direct Bene-
Expiration (Instr. 4) Exercise Derivative ficial
Date Price Security: Ownership
(Month/Day/ of Direct (D) (Instr. 5)
Year) Derivative or In-
---------------------------------------------------- Security direct (I)
Date Expira- Amount or (Instr. 5)
Exer- tion Title Number of
cisable Date Shares
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<S> <C> <C> <C> <C> <C> <C> <C>
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Not Applicable
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
Explanation of Responses:
/s/ Dan J. Cohrs March 3, 2000
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Name: Dan J. Cohrs Date
Title: Senior Vice President &
Chief Financial Officer
**Signature of Reporting Person
* If the form is filed by more than one reported person, see Instruction
5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, See Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
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ATTACHMENT A TO FORM 3
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Reporting Person Date of Event Issuer Name and Ticker
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Global Crossing Ltd 02/22/2000 IPC Communications, Inc.
Wessex House, 45 Reid Street (ICI)
Hamilton HM12, Bermuda
Amount of Securities Beneficially Owned and Ownership Form: Direct (D) or
Indirect (I)
On February 22, 2000, Global Crossing entered into an Agreement and
Plan of Merger, dated as of February 22, 2000 (the "Merger Agreement") with
Georgia Merger Sub Corporation ("GC Merger Sub"), IPC, IPC Information Systems,
Inc. ("IPC Systems"), Idaho Merger Sub Corporation ("IPC Merger Sub") and IXnet,
Inc. ("IXnet"), which sets forth the terms and conditions by which Global
Crossing will acquire by merger the entire equity interest in each of IPC and
IXnet. Pursuant to the Merger Agreement, (i) IPC will merge with and into IPC
Systems (the "Intercompany Merger"), with IPC Systems as the surviving
corporation, (ii) immediately thereafter, GC Merger Sub, a newly organized
wholly owned subsidiary of Global Crossing, will merge with and into IPC Systems
(the "IPC Systems Merger"), with IPC Systems surviving as a wholly owned
subsidiary of Global Crossing, and (iii) immediately thereafter, IPC Merger Sub,
a newly organized wholly owned subsidiary of IPC Systems will merge with and
into IXnet (the "IXnet Merger", and together with the Intercompany Merger and
the IPC Systems Merger, the "Mergers"), with IXnet surviving as a wholly owned
indirect subsidiary of Global Crossing.
Pursuant to the Merger Agreement, each share of common stock, par
value $0.01 per share of IPC (the "IPC Common Stock") issued and outstanding,
subject to certain exceptions described in the Merger Agreement, will be
converted into the right to receive 5.417 shares of common stock, par value
$0.01 per share, of Global Crossing ("Global Common Stock") and each share of
common stock, par value $0.01 per share of IXnet ("IXnet Common Stock") issued
and outstanding, subject to certain exceptions described in the Merger
Agreement, will be converted into the right to receive 1.184 shares of Global
Common Stock.
Concurrently with the execution of the Merger Agreement, Global
Crossing and certain stockholders of IPC who collectively own approximately
67.3% of the outstanding IPC Common Stock (the "Stockholders"), entered into a
Consent and Voting Agreement (the "Consent and Voting Agreement") pursuant to
which such Stockholders have taken action by written consent as Stockholders of
IPC to adopt the Merger Agreement.
As a result of the execution of the Consent and Voting Agreement,
certain obligations and restrictions were imposed on the voting and disposition
of shares of IPC Common Stock held by the Stockholders. Pursuant to the
definition of beneficial owner as set forth in Rule 13d-3 under the Securities
Exchange Act of 1934, as amended (the "Exchange
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Act"), Global Crossing may be deemed to be the beneficial owner, in accordance
with Rule 16a-1(a)(2) under the Exchange Act, of 5,936,188 shares of IPC Common
Stock, constituting 67.3% of the outstanding shares of IPC Common Stock. Global
Crossing does not have beneficial ownership of any IPC Common Stock for purposes
of Rule 16a-1(a)(2) of the Exchange Act.
Page 3 of 3
