Securities and Exchange Commission
Washington, DC 20549
Under the Securities and Exchange Act of 1934
Schedule 13G
Global Crossing Holdings, 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)
<PAGE>
1) Name of Reporting Person: Continental Casualty Company
SS or IRS Identification 36-2114545
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 Illinois
Number of (5) Sole Voting 0
Shares
Beneficially Owned (6) Shared Voting 0
by Each Reporting
Person With: (7) Sole Dispositive Power 0
(8) Shared Dispositive Power: 0
9) Aggregate Amount Beneficially
Owned by Each Reporting Person 0
10) Check if the Aggregate Amount in Row (9)
Excludes Certain Shares (See Instructions) Yes
11) Percent of Class
Represented By Amount in Row 9 0.0%
12) Type of Reporting
Person (See Instructions) IC
Under Illinois Law, assets owned by Continental Casualty Company, an Illinois
insurance company, are solely under the control of the board of directors of the
insurer. The characterization of shared dispositive power with any other party
or beneficial ownership is made solely as a consequence of SEC interpretations.
Continental Casualty Company, Global Crossing Trust 1998, Global Crossing
Partners, and Hillel Weinberger, individually, specifically disclaim beneficial
ownership of the securities identified herein owned by any other party. The
parties to this filing specifically disclaim that they operate as a "group"
within the meaning of the Securities Exchange Act of 1934.
<PAGE>
1) Name of Reporting Person: Global Crossing Trust 1998
SS or IRS Identification 13-7143668
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 New York
Number of (5) Sole Voting Power 0
Shares
Beneficially Owned (6) Shared Voting Power 0
by Each Reporting
Person With: (7) Sole Dispositive Power 0
(8) Shared Dispositive Power: 0
9) Aggregate Amount Beneficially
Owned by Each Reporting Person 0
10) Check if the Aggregate Amount in Row (9)
Excludes Certain Shares (See Instructions) Yes
11) Percent of Class
Represented By Amount in Row 9 0.0%
12) Type of Reporting
Person (See Instructions) 00
Under Illinois Law, assets owned by Continental Casualty Company, an Illinois
insurance company, are solely under the control of the board of directors of the
insurer. The characterization of shared dispositive power with any other party
or beneficial ownership is made solely as a consequence of SEC interpretations.
Continental Casualty Company, Global Crossing Trust 1998, Global Crossing
Partners, and Hillel Weinberger, individually, specifically disclaim beneficial
ownership of the securities identified herein owned by any other party. The
parties to this filing specifically disclaim that they operate as a "group"
within the meaning of the Securities Exchange Act of 1934.
<PAGE>
1) Name of Reporting Person: Global Crossing Partners
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 New Jersey
Number of (5) Sole Voting Power 0
Shares
Beneficially Owned (6) Shared Voting Power 0
by Each Reporting
Person With: (7) Sole Dispositive Power 0
(8) Shared Dispositive Power: 0
9) Aggregate Amount Beneficially
Owned by Each Reporting Person 0
10) Check if the Aggregate Amount in Row (9)
Excludes Certain Shares (See Instructions) Yes
11) Percent of Class
Represented By Amount in Row 9 0.0%
12) Type of Reporting
Person (See Instructions) PN
Under Illinois Law, assets owned by Continental Casualty Company, an Illinois
insurance company, are solely under the control of the board of directors of the
insurer. The characterization of shared dispositive power with any other party
or beneficial ownership is made solely as a consequence of SEC interpretations.
Continental Casualty Company, Global Crossing Trust 1998, Global Crossing
Partners, and Hillel Weinberger, individually, specifically disclaim beneficial
ownership of the securities identified herein owned by any other party. The
parties to this filing specifically disclaim that they operate as a "group"
within the meaning of the Securities Exchange Act of 1934.
<PAGE>
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 21,087,585
Shares
Beneficially Owned (6) Shared Voting 243,315
by Each Reporting
Person With: (7) Sole Dispositive Power 21,087,585
(8) Shared Dispositive Power: 243,315
9) Aggregate Amount Beneficially
Owned by Each Reporting Person 21,330,900
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
Under Illinois Law, assets owned by Continental Casualty Company, an Illinois
insurance company, are solely under the control of the board of directors of the
insurer. The characterization of shared dispositive power with any other party
or beneficial ownership is made solely as a consequence of SEC interpretations.
Continental Casualty Company, Global Crossing Trust 1998, Global Crossing
Partners, and Hillel Weinberger, individually, specifically disclaim beneficial
ownership of the securities identified herein owned by any other party. The
parties to this filing specifically disclaim that they operate as a "group"
within the meaning of the Securities Exchange Act of 1934.
<PAGE>
Item 1(a) Name of Issuer. Global Crossing Holdings Ltd.
Item 1(b) Address of Issuer's Principal Executive Offices
Global Crossing Holdings Ltd.
Wessex House
45 Reed Street
Hamilton, 11M12
BERMUDA
Item 2(a) Name of Persons Filing. Continental Casualty Company
Global Crossing Trust 1998
Global Crossing Partners
Hillel Weinberger
Item 2(b) Address of Principal Business Office:
Continental Casualty Company - CNA Plaza, Chicago, Illinois 60685
Global Crossing Trust 1998 - 667 Madison Avenue, New York, NY 10021
Global Crossing Partners - 667 Madison Avenue, New York, NY 10021
Hillel Weinberger - 667 Madison Avenue, New York, NY 10021
Item 2(c) Citizenship:
Continental Casualty Company - State of Illinois
Global Crossing Trust 1998 - State of New York
Global Crossing Partners - State of New Jersey
Hillel Weinberger - 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.
Under Illinois Law, assets owned by Continental Casualty Company, an Illinois
insurance company, are solely under the control of the board of directors of the
insurer. The characterization of shared dispositive power with any other party
or beneficial ownership is made solely as a consequence of SEC interpretations.
Continental Casualty Company, Global Crossing Trust 1998, Global Crossing
Partners, and Hillel Weinberger, individually, specifically disclaim beneficial
ownership of the securities identified herein owned by any other party. The
parties to this filing specifically disclaim that they operate as a "group"
within the meaning of the Securities Exchange Act of 1934.
Continental Global Global
Casualty Crossing Crossing Hillel
Company Trust 1998 Partners Weinberger
(a) Amount Beneficially Owned: 0 0 0 21,330,900
(b) Percent of Class 0.0% 0.0% 0.0% 10.4
<PAGE>
Item 4.
Continental Global Global
Casualty Crossing Crossing Hillel
Company Trust 1998 Partners Weinberger
(c) Number of shares as to which such person has:
(i) sole power to vote or
to direct the vote 0 0 0 21,087,585
(ii) shared power to vote
or to direct vote 0 0 0 243,315
(iii) sole power to dispose or
to direct disposition of 0 0 0 21,087,585
(iv) shared power to dispose
or to direct disposition 0 0 0 243,315
As the trustee of the Trust holding investment authority for the trust assets,
and as manager of the portfolio of Continental Casualty Company holding the
securities of the issuer, Mr. Weinberger is deemed, under SEC interpretations,
to have the sole power to vote and dispose of the issuer's securities held by
those entities.
As one of two general partners of the Partnership, Mr. Weinberger is deemed,
under SEC interpretations, to share the power to vote and dispose of the
issuer's securities held by the Partnership.
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.
<PAGE>
Item 10. Certification of Continental Casualty Company.
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 17, 1999
Date
/s/ Jonathan D. Kantor
Signature
Jonathan D. Kantor
Senior Vice President, Secretary and General Counsel
<PAGE>
Item 10. Certification of Global Crossing Trust 1998.
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 17, 1999
Date
/s/ Hillel Weinberger
Signature
Hillel Weinberger
Trustee
<PAGE>
Item 10. Certification of Global Crossing Partners.
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 17, 1999
Date
/s/ Hillel Weinberger
Signature
Hillel Weinberger
General Partner
<PAGE>
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 17, 1999
Date
/s/ Hillel Weinberger
Signature
Hillel Weinberger
<PAGE>
Exhibit 1
Each of the undersigned hereby agrees that the Schedule 13G filed herewith is
filed jointly, pursuant to Rule 13d-l(f) of the Securities and Exchange Act of
1934, as amended, on behalf of each of the undersigned.
CONTINENTAL CASUALTY COMPANY
/s/ Jonathan D. Kantor
Signature
Jonathan D. Kantor
Senior Vice President, Secretary and General Counsel
GLOBAL CROSSING TRUST 1998
/s/ Hillel Weinberger
Signature
Hillel Weinberger
Trustee
GLOBAL CROSSING PARTNERS
/s/ Hillel Weinberger
Signature
Hillel Weinberger
General Partner
Hillel Weinberger, Individually
/s/ Hillel Weinberger
Signature
Hillel Weinberger
