Securities and Exchange Commission
Washington, DC 20549
Under the Securities and Exchange Act of 1934
Schedule 13G
Amendment No. 1
Global Crossing Ltd.
(Name of Issuer)
Common Stock
(Title of Class of Securities )
G3921A100
(CUSIP NUMBER)
Date of Event which Requires this filing
February 14, 1999
Check the Appropriate Box to designate the Rule pursuant to which this
schedule is filed:
13d-1(d)
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1) Name of Reporting Person: Hillel Weinberger
SS or IRS Identification ###-##-####
Nos. of Above Persons:
2) Check the Appropriate Box (a) (b) X
If A Member of Group
(See Instructions)
3) SEC Use Only
4) Citizenship or Place of Organization United States
Number of (5) Sole Voting 21,102,585
Shares
Beneficially Owned (6) Shared Voting 243,315
by Each Reporting
Person With: (7) Sole Dispositive Power 21,102,585
(8) Shared Dispositive Power: 243,315
9) Aggregate Amount Beneficially
Owned by Each Reporting Person 21,345,900
10) Check if the Aggregate Amount in Row (9)
Excludes Certain Shares (See Instructions)
11) Percent of Class
Represented By Amount in Row 9 10.4%
12) Type of Reporting
Person (See Instructions) IN
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Item 1(a) Name of Issuer. Global Crossing Ltd.
Item 1(b) Address of Issuer's Principal Executive Offices
Global Crossing Ltd.
Wessex House
45 Reed Street
Hamilton, 11M12
BERMUDA
Item 2(a) Name of Persons Filing: Hillel Weinberger
Item 2(b) Address of Principal Business Office:
667 Madison Avenue, New York, NY 10021
Item 2(c) Citizenship:
United States
Item 2(d) Title of Class of Securities: Common Stock
Item 2(e) CUSIP Number. G3921A100
Item 3. The person filing this statement pursuant to Rule 13-1(b) or
13d-2 are each:
Inapplicable
Item 4. Ownership.
Continental Casualty Company, an Illinois insurance company, owns 20,037,585
shares of common stock of Global Crossing Ltd. Under Illinois law, assets owned
by an insurance company remain solely under the control of the board of
directors of the insurance company. Mr. Weinberger manages the portfolio owned
by Continental Casualty Company which holds the common stock of Global Crossing
Ltd. Under certain SEC rules and interpretations, Mr. Weinberger is deemed to
have sole power to vote and dispose of such shares as a consequence of his
management of Continental Casualty Company's portfolio. Mr. Weinberger
specifically disclaims beneficial ownership of these shares for any other
purpose.
As the trustee holding investment authority for Global Crossing Trust 1998, a
New York trust, Mr. Weinberger is deemed under SEC rules and interpretations to
have sole power to vote and dispose of the 1,050,000 shares of the common stock
of Global Crossing Ltd. owned by the Trust. Mr. Weinberger specifically
disclaims ownership of these shares for any other purpose.
As one of two general partners of Global Crossing Partners, a New Jersey
partnership, Mr. Weinberger is deemed, under SEC rules and interpretations, to
hold shared power to vote and dispose of the 243,315 shares of Global Crossing
Ltd. owned by the Partnership. Mr. Weinberger specifically disclaims ownership
of these shares for any other purpose.
Mr. Weinberger owns options to acquire 15,000 shares of the common stock of
Global Crossing Ltd. immediately exercisable. For purposes of this report, these
option are reported as if exercised.
Continental Casualty Company, Global Trust 1998, Global Crossing Partners and
Mr. Weinberger specifically disclaim that they are operating as a "group" within
the meaning of the Securities Exchange Act of 1934.
(a) Amount Beneficially Owned: 21,345,900
(b) Percent of Class 10.4
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Item 4.
(c) Number of shares as to which such person has:
(i) sole power to vote or
to direct the vote 21,087,585
(ii) shared power to vote
or to direct vote 243,315
(iii) sole power to dispose or
to direct disposition of 21,087,585
(iv) shared power to dispose
or to direct disposition 243,315
Item 5. Ownership of Five Percent or Less of a Class.
Inapplicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Inapplicable.
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security Being Reported On By the Parent Holding Company.
Inapplicable.
Item 8. Identification and Classification of Members of the Group.
Inapplicable.
Item 9. Notice of Dissolution of the Group.
Inapplicable.
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Item 10. Certification of Hillel Weinberger.
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired in the ordinary course of business
and were not acquired for the purpose of and do not have the effect of changing
or influencing the control of the issuer of such securities and were not
acquired in connection with or as a participant in any transactions having such
purposes or effect.
After reasonable inquiry and to the best of my knowledge and believe, I certify
that the information set forth in this statement is true, complete and correct.
February 23, 1999
Date
/s/ Hillel Weinberger
Signature
Hillel Weinberger
