Remember Global Crossing?

Gary Winnick and pals are long gone, but the telecommunications firm has been busy making acquisitions. Just announced this week: a $313 million buyout of Impsat Fiber Networks Inc. Before that came the purchase of U.K. carrier Fibernet Group for $96 million. The Impsat and FiberNet buyouts are Global Crossing's first acquisitions since it emerged from bankruptcy protection with backing from Singapore Technologies Telemedia Pte. Ltd. in 2003.

Adding more companies provides Global Crossing with a bigger worldwide customer base. If you're a little hazy on the company, it basically sells massive amounts of broadband pipe to individuals, businesses and other carriers. Back in the 90s, there was way more supply than necessary, and companies like Global were left with huge levels of debt and not nearly enough customers. That's what led to the manipulation of financial results and of course the big scandal. But all that has changed, with the world living large on broadband. Here's what Needham & Co. analyst Greg Mesniaeff told Smart Money: "All the companies that have the pipes - Level 3, Global Crossing and Broadwing - are now in an advantageous position." Well, perhaps, but just so you know the company, which moved from Beverly Hills to Florham Park, N.J., is still losing money.