Clark Investigates WorldCom

By: Associated Press
By: Associated Press

Secretary of State Eric Clark announced that he has subpoenaed records of WorldCom's auditors, Arthur Andersen LLP AND KPMG,LLP.

Clark says the two accounting firms have 15 days to turn over all documents related to audits of WorldCom from 1999 to the present.

Clark's office regulates Mississippi securities laws governing the sale of stocks and bonds.

The telecommunications company named Gregory F. Rayburn as chief restructuring officer and John S. Dubel as chief financial officer.

The two are executives and principals with the corporate restructuring firem of Alixpartners LLC.

Rayburn and Dubel face the difficult challenge of restructuring the bankrupt company.

WorldCom is now struggling to regain investor confidence after a June
25 confession that it falsely accounted for $3.8 billion in expenses.

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