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I still have not seen the SEC filing you talk about, however up here in Canada the news of the Canadian Imperial Bank of Commerce's involvement with Global Crossing is on all the major television networks. According to the National Post, you were right, CIBC owns 17.02%, or 70.2 million shares of Global Crossing worth $3.62 billion(US). This news seems to have caught many investors off guard, including me, as the shares jumped $1.40 on the Toronto Stock Exchange after the news was announced.

Now, if I can only figure out why it only jumped a $1.40 and not $14, the estimated per share worth of Global Crossing to CIBC shareholders. Maybe it is because CIBC can not realize any gains until 13 August 1999 as United States securities laws forbids affiliates of an issuer from selling their positions within an year. After 13 August 1999, CIBC is restricted to selling off 1% of its total holdings per quarter.

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