Newark, NJ, May 7, 2003 -- IDT Corporation (NYSE: IDT, IDT.C), a multinational carrier, telephone and technology company, today asked the Federal Communications Commission to thoroughly review the proposed restructuring of the agreement to sell Global Crossing to Singapore Technologies Telemedia and Hutchinson Telecommunications, Ltd., following the withdrawal of Hutchinson Telecommunications from the deal.

In its letter to the Commission, IDT points out that, "Rather than seeking approval for one private entity (Hutchinson) and one government-backed entity (Singapore) to each acquire a 30.75% stake in Global Crossing, the parties now plan to seek approval for a single entity, Singapore - an affiliate of a foreign government - to acquire a controlling 61.5% interest in Global Crossing's critical infrastructure assets."

Because of the danger that granting control of Global Crossing to a company owned by a foreign government would put American telecommunications companies at a distinct competitive disadvantage, IDT's CEO Jim Courter called upon the FCC and the Congress to give heightened scrutiny to the restructured transaction, in light of the serious public policy and national security issues it raises.

"We are simply asking the Federal Communications Commission, as guardians and trustees of America's telecommunications infrastructure, to insure that these assets are used to further competition and to put the interests of our nation before those of a foreign governmental entity," Courter said.

IDT Corporation, through its IDT Telecom subsidiary, is a facilities-based, multinational carrier that provides a broad range of telecommunications services to its retail and wholesale customers worldwide. IDT Telecom, by means of its own national telecommunications backbone and fiber optic network infrastructure, provides its customers with integrated and competitively priced international and domestic long distance telephony and prepaid calling cards. IDT and Liberty Media own 95% and 5% of IDT Telecom, respectively. IDT Media is the IDT subsidiary principally responsible for the Company's initiatives in media, new video technologies and print media.

IDT Corporation common shares trade on the New York Stock Exchange under the ticker symbols IDT and IDT.C.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. These factors include, but are not limited to, the following: potential declines in prices for our products and services; our ability to maintain and grow our retail telecommunications services, particularly our prepaid calling card business; availability of termination capacity; financial stability of our customers; our ability to maintain carrier agreements with foreign carriers; effectiveness of our marketing and distribution efforts; increased competition, particularly from regional bell operating companies; our ability to manage our growth; competitiveness of our Winstar subsidiary; impact of government regulation; our ability to obtain telecommunications products or services required for our products and services; and general economic conditions, particularly in the telecommunications markets. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

May 7, 2003

HAND DELIVERY

Ms. Marlene H. Dortch

Secretary

Federal Communications Commission

445 12th Street, S.W.

Washington, D.C. 20554

Re: Global Crossing Ltd., et al., IB Docket No. 02-286

Dear Madam Secretary:

On April 30, 2003, Global Crossing Ltd. (Debtor-in-Possession) ("Global Crossing") and GC Acquisition Limited (the "Proposed Transferee") notified the Commission that the transfer of control transaction to which they are parties is in the process of being fundamentally revised. Specifically, according to Global Crossing and the Proposed Transferee, the interests that were to be held in the Proposed Transferee by Hutchison Telecommunications Limited ("Hutchison") instead will be held by Singapore Technologies Telemedia Pte Ltd ("Singapore"). In other words, rather than seeking approval for one private entity (Hutchison) and one government-backed entity (Singapore) to each acquire a 30.75% stake in Global Crossing, the parties now plan to seek approval for a single entity, Singapore - an affiliate of a foreign government - to acquire a controlling 61.5% interest in Global Crossing's critical infrastructure assets. In their April 30, 2003 letter, Global Crossing and the Proposed Transferee also stated their intent to make a filing with the Commission in the near future to reflect the revised transaction.

The revised transaction raises issues of importance that have not been addressed to date in the above-referenced docket, and that require de novo review and analysis. The extraordinary legal and policy issues raised by the revised transaction require that a fresh and comprehensive record be developed before the Commission can determine whether the proposed transaction is in the public interest and consistent with applicable law. Consequently, on behalf of IDT Corporation, we urge the Commission to promptly make available for public review and comment the materials to be filed by Global Crossing and the "new" Proposed Transferee.

Respectfully submitted,

IDT Corporation

By: _______________________

Mark J. Tauber

E. Ashton Johnston

Its Attorneys