I recommend Waldo's take on the McAuliffe candidacy. And he doesn't even mention Global Crossing.
He focuses on McAuliffe's high negative numbers. Add in McDonnell's high favorability numbers and you have two mountains McAuliffe must climb. He must convince people that their initial impression of both McDonnell and himself are wrong. That's two high mountains.
Perhaps McAuliffe plans to fill the valley with money, and that will even the contest. But it probably makes his mountain higher, adding the "carpetbagger" charge that he's trying to buy the election.