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QwestDex Proceeds

By: Associated Press
By: Associated Press

A lawyer for Qwest shareholders has asked a judge to freeze four billion dollars in proceeds from the sale of QwestDex.

The shareholders have filed a lawsuit against Qwest alleging
they were misled and have lost more than 16 billion dollars
between June 2000 and last year.

The shareholders want proceeds from the second half of the sale
of the directory business set aside in a trust. The request calls
for that money to be released to them if they win the suit.

Qwest had intended to use that money to trim its 26 billion
dollar debt load. The company claims freezing the money could
plunge it into bankruptcy.

Qwest agreed last year to sell the its QwestDex directory
business for more than seven billion dollars to a group of
financiers.

A hearing on the matter is scheduled to continue through
tomorrow.


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