I am a follower of Global Crossing Ltd (GBLX), an undersea telephone cable operator. According to SEC filings made on 2/5/99 CIBC is beneficial owner of 22.39% of the issued stock of Global Crossing - 97,176,800 shares after the 2 for 1 split earlier this week. Current price of 38.625 gives a market valuation of approx US$3.75 billion. Whilst these may be restricted shares the current stock price of CIBC does not appear to have taken the recent doubling of the GBLX stock price into consideration.Am I missing something obvious here? Perhaps one of you Fools north of the border can illuminate a more southerly Fool!
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