All About Nortel - Latest Comments in Boom! Nortel Files for Bankruptcy Protection

Re: Boom! Nortel Files for Bankruptcy Protection

Toronto_Bankruptcy — Mon, 10 Aug 2009 15:27:36 -0000

I just think Nortel really need to be sold quick. They are hanging there for too long.. or they will have to come up with something new.

Re: Boom! Nortel Files for Bankruptcy Protection

grimm_reepr — Thu, 15 Jan 2009 20:20:02 -0000

What a sob-fest....."great employees...evil management"....blah blah blah. Most Nortel employees were overpaid prima-donnas, and now they have to deal with employment reality. Do not shed a single tear for this entitled whiners.....

Re: Boom! Nortel Files for Bankruptcy Protection

Whutever — Thu, 15 Jan 2009 12:16:13 -0000

It went "BOOM!"

Warning, Warning, Sensationalist yellow journralism alert. </TIC>

When I Googled the NT ticker (ancient daily ritual of mine) and saw the long-dreaded flatline I heard, at best, the deflating of a leaky whoopie cushion, you know, the one disappeared under some unwashed socks in the laundry room months ago, after some frat party... No, wait. Holy cow! That thing dates back to the Y2K party! How time flies when you're having fun.

Re: Boom! Nortel Files for Bankruptcy Protection

Troller — Thu, 15 Jan 2009 12:00:30 -0000

Question re: the role of the Board of Directors in Chapter 11:

Traditionally the BoD represents the interests of the shareholders. Those shareholders have effectively been wiped out. So, in today's reality, to whom do the BoD now owe a fiduciary duty?

Re: Boom! Nortel Files for Bankruptcy Protection

yes4aapl — Thu, 15 Jan 2009 07:17:05 -0000

There is nothing to cry about
BK is the best solution for all parties involved.
I know, I sound like a broken record.

I have posted that before BK and I will write it again now after the BK announcement
Shareholders can't be angry, they will be freed from their 24/7 obsession to watch their investment bouncing up and down with the total portfolio value at $100
Customers have clear view that Nortel will restructure and serve them in the future.
Bondholders will get the foot in the door for new Nortel stock in the future (example AirCanada scenario and Duncan S explaining that here
http://disqus.com/people/67a33c3b4aff98d4c56f15... )
Employees can still have jobs if they want to.. example R&D will stay in tact.
and so on...
so why Nortel's employees on this board hated that solution so much and hated the messenger who talked about it
yes4aapl
btw
Do you think you can hate aapl?
try it!
It's the best stock to invest your money for the long run!
example
smart phones
or IPods
...
iLove the iPod touch. I use it anywhere anytime to check my email and browse the internet....
Thatk you Steve Jobs for that one!
btw
I hope the Psychiatrist will come out of the hiding and admit what's the obvious here
NT is BK and he was just wrong!

Re: Boom! Nortel Files for Bankruptcy Protection

Another_Nortel_Watcher — Wed, 14 Jan 2009 22:00:54 -0000

Well put. If I ever come across either of those two jokers, they better duck because my shoes will be headed in their direction.

Re: Boom! Nortel Files for Bankruptcy Protection

felixmk — Wed, 14 Jan 2009 18:56:34 -0000

I read the announcements and looked at the Mike Z video on the Nortel website. I did not hear or read the words "sorry" or "regret" or anything similar. Mike and the management team do not seem to have any conscience about the damage they have inflicted on shareholders, employees, and customers. Seeing Mike's video, it sounds like they are treating bankruptcy as just another step in a successful plan. The bankruptcy seems to be blamed on "current business conditions" which is a load of cr@p. The bankruptcy is a result of bad decisions and bad management by Mike Z and his team, and previous CEOs and their teams. This kind of "don't blame us but pay us big $$" approach sickens me. Responsibility is dead, long live corporate greed!

Re: Boom! Nortel Files for Bankruptcy Protection

felixmk — Wed, 14 Jan 2009 18:45:34 -0000

Agree. I smell "RETENTION BONUSES" coming for all the poor execs: MikeZ, Hackney, Lowe, Pangia, Edwards, Dennis Carey, Riedel, Flanagan, MacKinnon.. We need to keep these KEY Execs or someone will hire them away from us and Nortel will surely go into bankruptcy..err..scratch that.. I hope they just throw these bums out and ask the remaining employees to elect some execs that have some intelligence and integrity.

Re: Boom! Nortel Files for Bankruptcy Protection

exnt2 — Wed, 14 Jan 2009 17:51:37 -0000

A message just popped up on Z's and his buddies computer screens.

GAME OVER.

Re: Boom! Nortel Files for Bankruptcy Protection

felixmk — Wed, 14 Jan 2009 16:26:02 -0000

You are 100% wrong. The economy might have accelerated bankruptcy, but it was coming anyway. Nortel's stock and debt crashed before the credit crisis.

Re: Boom! Nortel Files for Bankruptcy Protection

Many — Wed, 14 Jan 2009 16:22:54 -0000

What do you want to bet Zafirofski and Hackney find a way to get a raise out of this (certainly not a pay cut)?

"....to effectively restructure its operations and to narrow its strategic focus in an effective and timely manner."

Exactly how has this changed something you have failed to do for the last three years?

"......I am confident that the actions we’re announcing today will be the fastest, most effective means to translate our improved operational efficiency, double-digit productivity, focused R&D and technology leadership into long-term success. I want to reaffirm Nortel’s dedication to delivering world-class solutions and services to customers.”

Fool me once........

To the employees; I truely mourn this turn of events. What a travesty. I know you tried.

To the BOD; this is your fault. you put Zafirofski in there and left him in there when he was clearly in way over his head.

To the management: You should be ashamed, all of those MBAs and you couldn't manage your way out of a paper bag.

Re: Boom! Nortel Files for Bankruptcy Protection

Still_waiting — Wed, 14 Jan 2009 15:56:36 -0000

Sounds like a six sigma Blackbelt opportunity in the making.

Re: Boom! Nortel Files for Bankruptcy Protection

Another_Nortel_Watcher — Wed, 14 Jan 2009 14:38:34 -0000

Nonsense, this is nothing to with the crashing economy. This is about an inability to manage margins for an $8-$10B annual business, combined with a failure to evolve the businesses beyond their legacy cores.

No vision, no insight, and failed execution. Yet another wrecked company at the hands of a GEnius. So much for Jack Welch's legacy.

Re: Boom! Nortel Files for Bankruptcy Protection

joremero — Wed, 14 Jan 2009 11:29:58 -0000

Even though Mike Z has some blade, I do want to mention that the current financial crisis really helped to push NT to go BK. NT had no play on creating the crisis and it's just an innocent bystander....thanks Govt and regulators for doing such a job job on crashing the economy.

Re: Boom! Nortel Files for Bankruptcy Protection

joremero — Wed, 14 Jan 2009 10:15:22 -0000

Holy CRAP!