Development Co. unit, filed paperwork with the SEC to register 400,000 shares of the communications services company for sale.

The shares have an estimated market worth of $11.4 million, according to a Form 144 document released on Friday by the SEC.

Carter indicated that he planned to dispose of the securities sometime during the month of September, via the brokerage services of Salomon Smith Barney.

Carter, in addition to serving as president of Global Crossing Development, also serves as CEO of the Global Marine Systems subsidiary of Global Crossing, according to the company's most recent proxy.

Global Crossing, headquartered in Bermuda, has approximately 902.6 million shares outstanding.

A Form 144 only shows a filer's intent to sell the shares. Actual verification of the sales, if and when they occur, would be provided in a subsequent filing.

In recent market activity, shares of Global Crossing climbed $1.56, or 5.53 percent, to $29.81.