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Qwest Communications and Where they went wrong
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Updated 19 Feb 2020
This is a short timeline about the scandal of Qwest communications.
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hollan
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The Company Qwest Communications was founded. Founded in 1996 by Philip Anschutz this company was a large United States telecommunications carrier.
The company falls into 2 billion dollars in debt. Minority shareholder opposed the acquisition of Us West in 2000, which left Qwest 2 billion dollars in debt.
Stocks fell very low for the company. From being at nearly 60$ in February of 2000 to only 2$ in 2002.
Richard C. Notebaert is appointed a shareholder of the company.
Founder of the Company Philip Anschutz is ranked the 34th richest american in the world worth more that 7 billion dollars
Joseph Nacchio is found guilty and released on 2 million dollar bond.
Joseph Nacchio is sentenced to six years in federal prison.
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