Subject: [NEXTEL-1] Forbes.com Giuliani Says Love Me, Love My Company

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Top Of The News

Giuliani Says: Love Me, Love My Company

Dan Ackman, 11.19.02, 8:22 AM ET

NEW YORK - Rudolph Giuliani, the former mayor of New York City who now runs a consulting firm, confirmed yesterday that he was working with bond investor David Matlin in his efforts to gain control of bankrupt WorldCom. But as to whether Giuliani would sign on as chairman of the scandal-plagued telecom: not so fast.

Yesterday, news reports indicated that Matlin, who leads a bond-investor group backed by Credit Suisse First Boston that has more than $300 million of WorldCom's
(otc:
WCOEQ -

news
-

people
) debt, planned to push a plan of reorganization in bankruptcy court under which the ex-mayor would serve as the company chairman.

Rudolph Giuliani

But Giuliani's spokeswoman, Sunny Mindel, who also spoke for him when he was in City Hall, stopped short of that level of commitment. She told The New York Times that her boss would not comment on whether he would be willing to serve on WorldCom's board or take a leadership role in the company's revamping.

The founder of Giuliani Partners may prefer a more subtle, if no less influential, position--one that might keep the ex-mayor free to advise more widely. The consulting firm issued a statement: "This is an opportunity to make a positive contribution to WorldCom, its employees and customers. In particular, we would work to establish a model form of corporate governance that the company could use when it emerges from bankruptcy."

This statement would indicate the ex-mayor has taken to his new role. Why be the boss of one company when you can tell so many what to do? If his leadership in New York City was a beacon to the world, the same might be true of his model form of corporate governance.

WorldCom might not wind up adopting this model--indeed there may be other bondholders with their own ideas. The company mired in an accounting scandal has just hired a chairman and CEO, Michael Capellas. But surely there will be many other companies that could profit from Giuliani Partners' advice and counsel.

The Times reports that it is unlikely Giuliani would give up his own business ventures to take any position binding him too closely to one company, citing sources close to the man himself. To date, his consultancy has announced work with Nextel Communications
(nasdaq:
NXTL -

news
-

people
) in emergency communications technology and has been hired by Mexico City in its fight on crime. The company is also advising Merrill Lynch
(nyse:
MER -

news
-

people
) in its relationship with the New York State attorney general's office, which has been investigating the financial services giant. Giuliani is in demand as well as an after-dinner speaker, reportedly commanding about $100,000 a lecture. He could not be immediately reached for comment.

Before Giuliani became world famous for his role leading New York after the Sept. 11 terror attacks, he was planning a run for the U.S. Senate, a contest that would have pitted him against Hillary Clinton, who wound up being elected. He decided against the campaign when he contracted cancer and at the same time became involved in a messy extramarital affair. But since Sept. 11, Giuliani's star has risen and he has not sworn off a run for higher office.

With all that in his in box, being chairman of WorldCom would only cramp his style.

More From Forbes

Rudy Giuliani As WorldCom Chairman? 11.18.02
David Matlin makes a move on the bankrupt telco. Giuliani, reportedly, is his choice for chairman.

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