-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LAUDdAywYt2xLRhwCLqBS4U2BzrfHsNlsFGRG5HPeHq9WFWqGxdI//OSIFgNhWt8 r5l0lro3Mcso48wZVs+YLg== 0000899140-99-000172.txt : 19990217 0000899140-99-000172.hdr.sgml : 19990217 ACCESSION NUMBER: 0000899140-99-000172 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990216 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: GLOBAL CROSSING LTD CENTRAL INDEX KEY: 0001061322 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 980189783 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: SEC FILE NUMBER: 005-55643 FILM NUMBER: 99541931 BUSINESS ADDRESS: STREET 1: WESSEX HOUSE 45 REID STREET STREET 2: HAMILTON 11M12 CITY: BERMUDA BUSINESS PHONE: 4412968600 MAIL ADDRESS: STREET 1: WESSEX HOUSE 45 REID STREET STREET 2: HAMILTON 11M12 CITY: BERMUDA FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ CENTRAL INDEX KEY: 0001045520 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029] FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: COMMERCE COURT CITY: TORONTO ONTARIO STATE: A6 BUSINESS PHONE: 2128563612 MAIL ADDRESS: STREET 1: COMMERCE CT CITY: TORONTO ONTARIO STATE: A6 SC 13G 1 INITIAL FILING ON SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------------------- OMB APPROVAL -------------------------------- OMB Number: 3235-0145 Expires: August 31, 1999 Estimated average burden hours per response.....14.90 -------------------------------- SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. )* Global Crossing Ltd. -------------------- (Name of Issuer) Common Stock ------------------------------ (Title of Class of Securities) G3921A100 --------- (CUSIP Number) December 31, 1998 (Date of Event Which Requires Filing of this Statement) ------------------------------------------------------- Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [ ] Rule 13d-1(c) [X] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 1 of 5 Pages - ------------------- ---------------------- CUSIP No. G3921A100 13G Page 2 of 5 Pages ---------- --- --- - ------------------- ---------------------- - ----------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Canadian Imperial Bank of Commerce - ----------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) [_] (b) [X] - ----------------------------------------------------------------------------- 3 SEC USE ONLY - ----------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Canada - ----------------------------------------------------------------------------- 5 SOLE VOTING POWER -0- ------------------------------------------------------------ NUMBER OF 6 SHARED VOTING POWER SHARES BENEFICIALLY 48,588,400 OWNED BY ------------------------------------------------------------ EACH 7 SOLE DISPOSITIVE POWER REPORTING PERSON -0- WITH ------------------------------------------------------------ 8 SHARED DISPOSITIVE POWER 48,588,400 - ----------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 48,588,400 - ----------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) [ ] - ----------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 22.4% - ----------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO - ----------------------------------------------------------------------------- Item 1(a): Name of Issuer: - ---------- --------------- Global Crossing Ltd. (the "Company") Item 1(b): Address of Issuer's Principal Executive Offices: - ---------- ------------------------------------------------ 110 East 59th Street New York, NY 10022 Item 2(a) Name of Person Filing: - --------- ---------------------- Canadian Imperial Bank of Commerce ("CIBC"). Item 2(b): Address of Principal Business Office: - ---------- ------------------------------------- The business address of CIBC is Commerce Court, Canada M5L 1A2. Item 2(c): Citizenship: - ---------- ------------ CIBC is a bank organized under the Bank Act of Canada. Item 2(d): Title of Class of Securities: - ---------- ----------------------------- Common Stock Item 2(e): CUSIP Number: - ---------- ------------- G3921A100 Item 3: If the reporting person is an investment advisor in - ------- accordance with ss. 240.13d-1(B)(1)(ii)(E), check this box [ ] Item 4: Ownership: - ------- ---------- CIBC may be deemed to beneficially own 48,588,400 shares (the "Shares") of the Company's Common Stock, par value $.01 per share (the "Common Stock"), which are directly held by subsidiaries and affiliates of CIBC. CIBC may be deemed to share the voting and dispositive power with respect to the Shares. See Item 6. Jay R. Bloom and Dean C. Kehler, directors of the Company, and Andrew Heyer are officers of an affiliate of CIBC and share voting and dispositive power with respect to the Shares and may be deemed to beneficially own them. Jay R. Levine, William P. Phoenix and Bruce Raben, each of whom serves as a director of the Company, are employees of an affiliate of CIBC and also may be deemed to beneficially own the Shares. Messrs. Levine, Phoenix and Raben disclaim such beneficial ownership. (a) 45,588,400 shares of Common Stock, as of the date of this Statement. (b) 22.4% Page 3 of 5 Pages (c) (i) -0- (ii) 48,588,400 (iii) -0- (iv) 48,588,400 Item 5: Ownership of Five Percent or Less of a Class: - ------- --------------------------------------------- Not applicable. Item 6: Ownership of More than Five Percent on Behalf - ------- --------------------------------------------- of Another Person: ------------------ As reported above, CIBC may be deemed to have direct or indirect voting and/or investment discretion over 48,588,400 shares of the Company's Common Stock which are held for the benefit of subsidiaries and affiliates of CIBC. Such subsidiaries and affiliates have the right to receive dividends as well as the proceeds from sale of the Shares. The interests of each of such persons and entities (other than Global Crossing Ltd., LDC, a wholly owned subsidiary of CIBC), taken individually, do not exceed more than five percent of the class of Common Stock. Item 7: Identification and Classification of the Subsidiary - ------- --------------------------------------------------- Which Acquired the Security Being Reported on By ------------------------------------------------ the Parent Holding Company: --------------------------- Not applicable. Item 8: Identification and Classification of - ------- ------------------------------------ Members of the Group: Not applicable. Item 9: Notice of Dissolution of Group: - ------- ------------------------------- Not applicable. Item 10: Certification: - -------- -------------- Not applicable. Page 4 of 5 Pages SIGNATURE --------- After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 12, 1999 CANADIAN IMPERIAL BANK OF COMMERCE By: /s/ Patricia A. Bourdon ------------------------------ Name: Patricia A. Bourdon Title: Assistant Secretary Page 5 of 5 Pages -----END PRIVACY-ENHANCED MESSAGE-----