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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. _____)
GLOBAL CROSSING LTD.
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(NAME OF ISSUER)
COMMON STOCK, PAR VALUE $.01 PER SHARE
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(TITLE OF CLASS OF SECURITIES)
000G3921A1
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(CUSIP NUMBER)
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(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)
CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO WHICH THIS SCHEDULE
IS FILED:
[ ] RULE 13d-1(b)
[ ] RULE 13d-1(c)
[X] RULE 13d-1(d)
* THE REMAINDER OF THIS COVER PAGE SHALL BE FILLED OUT FOR A REPORTING PERSON'S
INITIAL FILING ON THIS FORM WITH RESPECT TO THE SUBJECT CLASS OF SECURITIES, AND
FOR ANY SUBSEQUENT AMENDMENT CONTAINING INFORMATION WHICH ALTER THE DISCLOSURES
PROVIDED IN A PRIOR COVER PAGE.
THE INFORMATION REQUIRED IN THE REMAINDER OF THIS COVER PAGE SHALL NOT BE DEEMED
TO BE "FILED" FOR THE PURPOSE OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF
1934 ("ACT") OR OTHERWISE SUBJECT TO THE LIABILITIES OF THAT SECTION OF THE ACT
BUT SHALL BE SUBJECT TO ALL OTHER PROVISIONS OF THE ACT (HOWEVER, SEE THE
NOTES).
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CUSIP NO.: 000G3921A1 13G Page 2 of 9 Pages
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<TABLE>
<S> <C>
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
MRCo, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
Not applicable. (b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
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5 SOLE VOTING POWER
Not Applicable.
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NUMBER OF 6 SHARED
SHARES VOTING
BENEFICIALLY POWER
OWNED BY
EACH 16,939,097(1) See Item (4).
REPORTING -----------------------------------------------------------
PERSON 7 SOLE
WITH DISPOSITIVE
POWER
16,939,097(1)
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8 SHARED
DISPOSITIVE
POWER
Not Applicable.
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,939,097(1)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
Not applicable.
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
8.2%
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12 TYPE OF REPORTING PERSON*
CO
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</TABLE>
(1) INCLUDES 348,967 SHARES ISSUABLE UPON EXERCISE OF WARRANTS TO PURCHASE
SHARES OF THE ISSUER'S COMMON
STOCK AT A PRICE OF US$19.00 PER SHARE
*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP NO.: 000G3921A1 13G Page 3 of 9 Pages
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<TABLE>
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
ULLICO Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
Not applicable. (b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY Disclaimed (see 9 below).
OWNED BY -------------------------------------------------------
EACH 6 SHARED
REPORTING VOTING
PERSON POWER
WITH
Not applicable.
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7 SOLE
DISPOSITIVE
POWER
Disclaimed (see 9 below).
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8 SHARED
DISPOSITIVE
POWER
Not applicable.
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Beneficial ownership of all shares is disclaimed by ULLICO Inc.
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
Not applicable.
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
Not applicable (see 9 above).
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12 TYPE OF REPORTING PERSON*
CO
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</TABLE>
*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP NO.: 000G3921A1 13G Page 4 of 9 Pages
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<TABLE>
<S> <C>
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Michael R. Steed
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
Not applicable. (b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 37,500(1)(2)
OWNED BY -------------------------------------------------------
EACH 6 SHARED
REPORTING VOTING
PERSON POWER
WITH
16,939,097(3)
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7 SOLE
DISPOSITIVE
POWER
37,500(1)(2)
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8 SHARED
DISPOSITIVE
POWER
-0-
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
37,500(1)(2)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
Not applicable.
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
less than 0.1%
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12 TYPE OF REPORTING PERSON*
IN
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</TABLE>
(1) Consists of shares which are, or within sixty days of February 12, 1999 will
be, issuable upon exercise of options to purchase shares of the Issuer's Common
Stock at a price of US$1.57 per share. (2) Does not include 16,939,097 shares
beneficially owned by MRCo, Inc., of which Mr. Steed is President, as to which
Mr. Steed disclaims beneficial ownership. (3) Includes 348,967 shares issuable
upon exercise of warrants to purchase shares of the Issuer's Common Stock at a
price of US$19.00 per share.
*SEE INSTRUCTION BEFORE FILLING OUT!
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CUSIP NO.: 000G3921A1 13G Page 5 of 9 Pages
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ITEM 1(a) NAME OF ISSUER:
Global Crossing Ltd.
ITEM 1(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
Wessex House
45 Reid Street
Hamilton HM12, Bermuda
ITEM 2(a) NAME OF PERSON FILING:
MRCo, Inc. ("MRCo")
ULLICO Inc. ("Ullico")
Michael R. Steed
MRCo is a wholly-owned subsidiary of Ullico. Mr. Steed is
President of MRCo, Senior Vice President, Investments of Ullico and a director
of the Issuer.
ITEM 2(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
MRCo: 111 Massachusetts Avenue, N.W., Washington D.C., 20001
Ullico: 111 Massachusetts Avenue, N.W., Washington D.C., 20001
Mr. Steed: 111 Massachusetts Avenue, N.W., Washington D.C., 20001
ITEM 2(c) CITIZENSHIP:
MRCo: Maryland
Ullico: Maryland
Mr. Steed: U.S.A.
ITEM 2(d) TITLE OF CLASS OF SECURITIES:
Common Stock, par value $.01 per share.
ITEM 2(e) CUSIP NUMBER:
000G3921A1
ITEM 3 IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR
13d-2(b), CHECK WHETHER THE PERSON FILING IS A:
Not applicable
</TABLE>
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CUSIP NO.: 000G3921A1 13G Page 6 of 9 Pages
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ITEM 4 OWNERSHIP:
(a)-(c) The responses of MRCo, Ullico and Mr. Steed to Items
5, 6, 7, 8, 9 and 11 of each of their respective Cover Pages, including without
limitation the footnotes thereto, which relate to the beneficial ownership of
the Common Stock of the Issuer are incorporated herein by reference.
Ullico hereby disclaims beneficial ownership of the Common
Stock of the Issuer owned by MRCo. Each of MRCo and Ullico hereby disclaims
beneficial ownership of the 37,500 shares of Common Stock of the Issuer as to
which Mr. Steed has sole voting and dispositive power. Mr. Steed, as president
of MRCo, shares voting power over the 16,939,097 shares of Common Stock of the
Issuer beneficially owned by MRCo.
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ITEM 5 OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
Not applicable.
ITEM 6 OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
Not applicable.
ITEM 7 IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
Not applicable.
ITEM 8 IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
Not applicable.
ITEM 9 NOTICE OF DISSOLUTION OF GROUP:
Not applicable.
ITEM 10 CERTIFICATION
Not applicable.
</TABLE>
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CUSIP NO.: 000G3921A1 13G Page 7 of 9 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: February 12, 1999
ULLICO INC.
By: /s/ MICHAEL R. STEED
-----------------------------
Name: Michael R. Steed
Title: Senior Vice President, Investments
MRCO, INC.
By: /s/ MICHAEL R. STEED
--------------------------
Name: Michael R. Steed
Title: President
/s/ MICHAEL R. STEED
------------------------------
Michael R. Steed
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CUSIP NO.: 000G3921A1 13G Page 8 of 9 Pages
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EXHIBIT LIST
<TABLE>
<CAPTION>
EXHIBIT NO. TITLE PAGE NO.
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<S> <C> <C>
A Joint Filing Agreement 9
dated February 12, 1999
among MRCo, Ullico and Mr.
Steed
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CUSIP NO.: 000G3921A1 13G Page 9 of 9 Pages
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EXHIBIT A
JOINT FILING AGREEMENT
This will confirm the agreement by and among all of the
undersigned that a statement may be filed on behalf of each of the undersigned
persons by MRCo, Inc. with respect to the Common Stock of Global Crossing Ltd.
Further, each of the undersigned agrees that MRCo, Inc., by any of its duly
elected officers, shall be authorized to sign from time to time on behalf of
each of the undersigned, any amendments to this Schedule 13G or any statements
on Schedule 13G relating to Global Crossing Ltd. which may be necessary or
appropriate from time to time.
Date: February 12, 1999
ULLICO INC.
By: /s/ MICHAEL R. STEED
-----------------------------------
Name: Michael R. Steed
Title: Senior Vice President, Investments
MRCO, INC.
By: /s/ MICHAEL R. STEED
-----------------------------------
Name: Michael R. Steed
Title: President
/s/ MICHAEL R. STEED
-----------------------------------
Michael R. Steed
