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Below is the full text of a statement to Legal Times by Simpson Thacher & Bartlett in response to a report from a committee of Global Crossing’s board of directors. Coudert Brothers served as counsel to the committee. The report, which is dated Feb. 18, was filed with the U.S. Bankruptcy Court for the Southern District of New York on March 10. The report is inaccurate and makes no sense. It unfairly faults Simpson Thacher for not inquiring thoroughly into accounting allegations that the committee itself and the outside auditors have concluded are meritless. It suggests that Simpson, not the company, had the responsibility to bring these allegations to the attention of the auditors. But it ignores the fact that, at our first opportunity, we advised the company to make this disclosure to the auditors. The company chose not to follow our advice. And it omits and mischaracterizes steps that a number of Simpson partners — including Rhett Brandon — took to inquire into the allegations at the time. The totality of what we learned included senior management’s repeated assurances (which we independently verified) that the company’s accounting practices had been discussed and approved by its audit committee and outside auditors. These facts were made known to the committee before the report was written, but the committee and its counsel chose to ignore them.

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