WorldCom Sells Assets

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WorldCom has put another item on the auction block. The bankrupt telecom is selling its corporate jet hangar at Jackson International Airport. The hangar was used for corporate jets, which now fly into the Ashland, Virginia, facility where the corporation's executives work.

In an attempt to raise cash, WorldCom has put about two dozen properties up for sale, ranging from two office buildings in Washington to cellular tower sites in Texas.

The highest-ranking WorldCom official still in Mississippi is Frank Grillo, the company's senior vice president of global marketing. The company's Ashburn offices boast its top operational officers including newly appointed president, chairman and chief executive officer Michael Capellas, who started work on Monday.

Despite those shifts, company officials say WorldCom is still a Mississippi company.

Capellas granted no interviews and aides would not provide the agenda for his first day on the job at the bankrupt telecommunications giant. Capellas is expected to spend the next several weeks burrowing into the company's corporate culture before making any more bold public pronouncements.

Capellas has said he plans to lead WorldCom out of bankruptcy and do it without a clean sweep of management or breaking up the company or losing major corporate accounts. Industry analysts expect Capellas to try to exit some of the carrier's bandwidth contracts with competitors and shed non-core assets.

WorldCom has admitted to more than $9 billion in accounting fraud.