WorldCom, plagued by the rapid erosion of its profits and an accounting scandal that created billions in illusory earnings, last night submitted the largest bankruptcy filing in United States history.
Shareholders, who owned what was once one of the world's most valuable companies, worth more than $100 billion at its peak, are expected to be virtually wiped out.
Largest. Bankruptcy. Ever. (At least for the next few months.)
Bankruptcy at WorldCom Is the Largest in U.S. History