Global Crossing Ltd. – ‘3’ for 2/22/00 re: Ixnet Inc.

As of:  Friday, 3/3/00   ·   For:  2/22/00   ·   Accession #:  950130-0-1038   ·   File #:  0-26959

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Initial Statement of Beneficial Ownership of Securities by an Insider   —   Form 3   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 3           Initial Statement of Beneficial Ownership of           3     15K 
                Securities by an Insider                                         

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+--------+                                                                      
| FORM 3 |                                                                      
+--------+                                                                      
                                                |------------------------------|
                                                |        OMB APPROVAL          |
                                                |------------------------------|
                                                | OMB Number:        3235-0104 |
                                                | Expires:   December 31, 2001 |
                                                | Estimated average burden     |
                                                | hours per response...... 0.5 |
                                                |------------------------------|

UNITED STATES SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES 

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, 
Section 17(a) of the Public Utility Holding Company Act of 1935 or  
Section 30(f) of the Investment Company Act of 1940 

(Print or Type Responses)                                                       

--------------------------------------------------------------------------------
1.  Name and Address of Reporting Person*                                       

Global CrosSing Ltd.                                                    
    ----------------------------------------------------------------------------
   (Last)                      (First)                        (Middle)

Wessex House, 45 Reid Street                                            
    ----------------------------------------------------------------------------
(Street)  

Hamilton HM12, Bermuda                                                  
    ----------------------------------------------------------------------------
   (City)                      (State)                           (Zip)

2.  Date of Event Requiring Statement (Month/Day/Year)         February 22, 2000
                                                               -----------------

3.  IRS Identification Number of Reporting Person, if an entity                 
(voluntary)   98-0189783                                                
--------------                                  

4.  Issuer Name and Ticker or Trading Symbol  IXnet, Inc. (EXNT)                
                                             -----------------------------------

5.  Relationship of Reporting Person(s) to Issuer (Check all applicable)        

___ Director    ___ Officer              X  10% Owner    ___ Other      
           ---
                        (give title below)                       (specify below)

    ----------------------------------------------------------------------------

6.  If Amendment, Date of Original (Month/Day/Year)                             
                                                    ----------------------------
7.  Individual or Joint/Group Filing (Check Applicable Line)                    

X  Form filed by One Reporting Person                               
----                                                                    
____ Form filed by More than One Reporting Person                       

TABLE I--NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED 

                                                                [Download Table]

--------------------------------------------------------------------------------
1. Title           2. Amount of         3. Ownership Form:  4. Nature of        
   of                 Securities Bene-     Direct (D) or       Indirect Bene-   
   Security           ficially Owned       Indirect (I)        ficial Ownership 
   (Instr. 4)         (Instr. 4)           (Instr. 5)          (Instr. 5)       
--------------------------------------------------------------------------------
                                                                                
Common Stock,        See Attachment A.    See Attachment A.   Not Applicable    
$0.01 par value                                                                 


Reminder: Report on a separate line for each class of securities beneficially   
owned directly or indirectly.                                                   
* If the form is filed by more than one reported person, see Instruction        
5(b)(v).                                                                    

Potential persons who are to respond to the collection of information contained 
in this form are not required to respond unless the form displays a currently   
valid OMB Number.                                                               

TABLE II--DERIVATIVE SECURITIES BENEFICIALLY OWNED  
(e.g., puts, calls, warrants, options, convertible securities)  

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------------------------
 1. Title of Derivative        2. Date Exer-    3. Title and Amount of Securities   4. Conversion   5. Ownership   6. Nature of     
    Security (Instr. 4)           cisable and      Underlying Derivative Security      or              Form of        Indirect      
                                  Expiration       (Instr. 4)                          Exercise        Derivative     Beneficial    
                                  Date                                                 Price of        Security:      Ownership     
                                  (Month/Day/                                          Derivative      Direct (D)     (Instr. 5)    
                                  Year)                                                Security        or In-                       
                              ----------------------------------------------------                     direct (I)                   
                               Date      Expira-                        Amount or                      (Instr. 5)                   
                               Exer-     tion            Title          Number of                                                   
                               cisable   Date                           Shares                                                      
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                    
Not applicable.                                                                                                                     
------------------------------------------------------------------------------------------------------------------------------------

Explanation of Responses:                                                       

GLOBAL CROSSING LTD.

                            By: /s/ Dan J. Cohrs               March 3, 2000
                                 ----------------------------  ---------------
                           Name:  Dan J. Cohrs                Date
                Title: Senior Vice President
                           & Chief Financial Officer

           **Signature of Reporting Person

** Intentional misstatements or omissions of facts constitute Federal   
Criminal Violations.                                              
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).                         

Note:  File three copies of this Form, one of which must be manually signed.    
If space is insufficient, See Instruction 6 for procedure.        

Potential persons who are to respond to the collection of information contained 
in this form are not required to respond unless the form displays a currently   
valid OMB Number.                                                               

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ATTACHMENT A TO FORM 3  
----------------------  

Reporting Person              Date of Event           Issuer Name and Ticker    
----------------              -------------           ----------------------    
Global Crossing Ltd           02/22/2000                     Ixnet,Inc.         
Wessex House, 45 Reid Street                                 (EXNT)             
Hamilton HM12, Bermuda                                                          

Amount of Securities Beneficially Owned and Ownership Form: Direct (D) or       
Indirect (I)                                                                    

       On February 22, 2000, Global Crossing entered into an Agreement and
Plan of Merger, dated as of February 22, 2000 (the "Merger "Agreement") with    
Georgia Merger Sub Corporation ("GC Merger Sub"), IPC, IPC Information Systems, 
Inc. ("IPC Systems"), Idaho Merger Sub Corporation ("IPC Merger Sub") and IXnet,
Inc. ("IXnet"), which sets forth the terms and conditions by which Global       
Crossing will acquire by merger the entire equity interest in each of IPC and   
IXnet.  Pursuant to the Merger Agreement, (i) IPC will merge with and into IPC  
Systems (the "Intercompany Merger"), with IPC Systems as the surviving          
corporation, (ii) immediately thereafter, GC Merger Sub, a newly organized      
wholly owned subsidiary of Global Crossing, will merge with and into IPC Systems
(the "IPC Systems Merger"), with IPC Systems surviving as a wholly owned        
subsidiary of Global Crossing, and (iii) immediately thereafter, IPC Merger Sub,
a newly organized wholly owned subsidiary of IPC Systems will merge with and    
into IXnet (the "IXnet Merger", and together with the Intercompany Merger and   
the IPC Systems Merger, the "Mergers"), with IXnet surviving as a wholly owned  
indirect subsidiary of Global Crossing.                                         

     Pursuant to the Merger Agreement, each share of common stock, par
value $0.01 per share of IPC (the "IPC Common Stock") issued and outstanding,   
subject to certain exceptions described in the Merger Agreement, will be        
converted into the right to receive 5.417 shares of common stock, par value     
$0.01 per share, of Global Crossing ("Global Common Stock") and each share of   
common stock, par value $0.01 per share of IXnet ("IXnet Common Stock") issued  
and outstanding, subject to certain exceptions described in the Merger          
Agreement, will be converted into the right to receive 1.184 shares of Global   
Common Stock.                                                                   

  Concurrently with the execution of the Merger Agreement and in
accordance with the applicable provisions of the Merger Agreement, IPC Systems, 
which owns approximately 84.3% of the outstanding IXnet Common Stock, has       
executed and delivered its irrevocable written consent (the "IPC Systems        
Consent") pursuant to which IPC Systems has taken action by written consent as a
stockholder of IXnet to adopt the Merger Agreement.  Therefore, no further vote 
with respect to the IXnet Merger by the stockholders of IXnet is required or    
will be taken.                                                                  

 As a result of the execution of the Merger Agreement, certain
obligations and restrictions were imposed on the voting and disposition of      
shares of IXnet Common Stock held by IPC Systems.  Pursuant to the definition of
beneficial owner as set forth in Rule 13d-3 under the Securities Exchange Act of
1934, as amended (the "Exchange Act"),  Global Crossing may be deemed to be the 
beneficial owner, in accordance with Rule 16a-1(a)(2) under                     

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the Exchange Act, of 43,100,000 shares of IXnet Common Stock, constituting 84.3%
of the outstanding shares of IXnet Common Stock. Global Crossing does not have  
beneficial ownership of any IXnet Common Stock for purposes of Rule 16a-1(a)(2) 
of the Exchange Act.                                                            

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Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘3’ Filing		Date		First		Last			Other Filings
		12/31/01		1					11-K,  NT 10-K,  NT 11-K
Filed on:		3/3/00		1					3,  425,  8-K,  SC 13D
For Period end:		2/22/00		1		2			3,  8-K
									List all Filings