In May 2000, Ullico's board raised the share price to $146, though Global Crossing shares had fallen nearly 50 percent.

Below that "collar," Frontier's stock owners were to receive a fixed ratio of about 1.82 Global Crossing shares.

Mr. Reinisch first acquired Global Crossing shares by dint of the company's 1999 acquisition of the telephone company Frontier, in which he had been a shareholder.

In March 2000, Global Crossing shares traded for more than $60.

The workers were finally given a chance to sell their Global Crossing shares.

(Global Crossing shares closed at $8.66 on Friday.)

Ms. Zalis said that the foundation sold all of its Global Crossing shares on April 4, 2000, and that all its holdings are in cash.

When the Ullico shares were re-priced later to reflect the now-worthless Global Crossing shares, the company's stock price would return to near its previous level.

Many board members duly sold their tumbling Global Crossing shares and bought Ullico stock at the price of $53.94 a share.

In May 2000, Ullico's board set a share price of $146, even though by then Global Crossing shares had fallen nearly 50 percent from their 1999 peak.