it's not actually THAT surprising - MikeZ and his execs have not had any open dialogue with their employees since the filing (and for a long time before that, come to think of it), and now they're giving the same treatment to their shareholders.
horace_grimswold
· 10 months ago
Fiduciary responsibility to the shareholders? What, me, worry? --Alfred E. Zafirovski
NortelTragedy
· 10 months ago
And I was hoping to pick up a few pair of new shoes! Well, used, but new to me.
They have no spine. What could they say that would be insightful, meaingful or worthwhile of one's time, anyway? I'd prefer they simply go away and let real leadership take helm, even though it does appear the keel has broken in half.
Got_Out
· 10 months ago
Given the leadership that has been shown by Mike Z and his cabinet, this isnt surprising. They wont stand and face their own people in a controlled forum like a webcast, so why would they face shareholders (incl employees) in an environment where the press, analysts, etc are present? When all the decision makers are in self protection/self preservation mode (Mike Z, his cabinet and the BoD) why would they stand up and be counted like real leaders?
Desk Jockey
· 10 months ago
They have already flipped the bird at shareholders by telling everyone bankruptcy "was not imminent" and then almost immediately turning around and proving themselves to be liars!
So they don't need an AGM to let their feelings be known.
ERworker
· 10 months ago
Or to have to answer for their continual lies.
1derY
· 10 months ago
The questions at the Webcasts are staged and controlled by the PR folks...they are pathetic, butt kissing types. Even then, Z typicallly mumbled his answers and you can barely understand what he said....
I don't know how this man got the job in the first place. That brings us to the incompetence of the BoD - two politicians, a bunch of number cookers, and a couple of PhDs.
broadbandbill
· 10 months ago
cowards pretending otherwise...--bb
broadbandbill
· 10 months ago
They are just preventing a riot....--bb
Another_Nortel_Watcher
· 10 months ago
They are worried about my aerodynamic shoes.
Desk Jockey
· 10 months ago
Air-Z. Specifically designed by Nike to head towards the CEO's head.
exnt2
· 10 months ago
does Z fly coach now in the toilet or first class.
exnt2
· 10 months ago
on second thoughts why does he not use Roeses brainchild web.alive. he can choose a chimp for an avatar.
Cataractus
· 10 months ago
I suspect that this was at least partially (or entirely) done out of self interest to prevent a forum where outraged shareholders could join together to oust the BOD and the executive leadership team or demand a big cut in pay or some combination of the two.
LonelyOpsGuy
· 10 months ago
Two jets???????
broadbandbill
· 10 months ago
One for domestic and the other for international travel, I'm sure...--bb
Another_Nortel_Watcher
· 10 months ago
One for MZ and one for everyone else, I bet.
Got_Out
· 10 months ago
Hackney had been making use of the second one.
Casual_Observer
· 10 months ago
Roese was using the second jet until he was booted last year. Guess it must have gone to Hackney after that. My guess is there was some kind of power struggle in senior management between two sides. One side headed by Mike Z/Joel/Reidel and the others (Roese/Flaherty etc). Roese was being elevated publicly by Z last year but at some point Hackney must have elbowed him aside. Given the shared GE pedigree with Mike, Roese and anyone without a GE pedigree never stood a chance.
RealityStrikes
· 10 months ago
A lot of, ummmm...., creative thought here. The truth is not as interesting....
According to the news article below, "The second plane was effectively grounded in 2007, although Nortel continued to hold the lease for the jet and charted it out to third-party users."
The second jet was used by Joel (in his previous Opns role). Cant say for certain on 2008, but it was used at least for the 2nd half of 07
LonelyOpsGuy
· 10 months ago
"Charted it out to 3rd party users". Internal users? Why it wasn't returned back in 2007? Part of Nortel core business?
LonelyOpsGuy
· 10 months ago
RealityStrikes:
The truth is...while there was money being spent on something absolutely useless, I was getting hammered by taking cell phones away from field staff due to "across the board cost savings" senseless initiatives.
For the Customer, Nortel was the joke because "all other vendors can communicate, why you guys cannot?"
Get real.
broadbandbill
· 10 months ago
Roese never stood a chance because he was a useless idiot hired by another useless idiot. Two of the worst hires in Nortel history...--bb
Desk Jockey
· 10 months ago
Of course, need one for backup just in case the first one is undergoing maintenance. Can't have the CEO being late for a golf tournament!
less
· 10 months ago
Its only fair. To communicate, people need two phones, right? Transmit - receive, right? Tip and ring. One jet flies left to right, the other right to left. Give and take. Case closed.
broadbandbill
· 10 months ago
strategically aligned, ying yang…--bb
LonelyOpsGuy
· 10 months ago
I love this blog....
broadbandbill
· 10 months ago
If only Z and his GEngsters knew just how much insight there is on this blog they would be in the mess they are in…--bb
less
· 10 months ago
"We've got more important things to do than argue with a bunch of peasant ingrates waving pitchforks and breaking things."
Management is describing exactly what was required of them all these years - budgeting money, concentrating on getting the job done....
Desk Jockey
· 10 months ago
Not surprising, they can't stand the heat of actual questions and most of the "Q&A sessions" are just some staged event to perpetuate some myth that management is loved for the decisions that they make.
At under a penny presplit I hardly think voting on bonuses would be appropriate this time.
Imagine answering questions on the 3 to 5 year plan, changing options to cash again, how the reverse split was to draw institutions, 20 dollar buying opportunities, Hackney's added responsibilities, employee severances or further layoffs, unable to sell any more assets, delisting, their suppliers agreements, how long they have before further decreasing or eliminating existing shares altogether, etc... endless... No wonder they hide and run.
They may not have to answer a thing in 90 days anyways.
I thought the security costs were humorous. A days to answer to shareholders almost 100% later is probably a lot cheaper than running the corporate jet for a month, so add costs as being yet another lie and doing what ever they want.
Listen to the poor whiner whine. "Oh, but my seven-figure salary hasn't increased at all in the past few years like my buddies on Wall Street, and they also ran their companies into Ch. 11!"
Give me a break. And yet people think a few youtube videos are offensive. What this guy does and continues to do, and then defends is way more offensive.
If you thought the videos were just a piece of hilarious fiction, guess again, turns out reality is more absurd than anything anyone could imagine:
"Yes, let's start pampering the BoD with pure cold cash since NT stock is now worthless. Have to keep the BoD happy so I have free reign!"
Just pathetic.
RealityStrikes
· 10 months ago
Exactly..... what a tragedy.
less
· 10 months ago
... the company enjoyed big improvements in operating profits during 2008.
“We’re talking about a big number in the $50-million range. I decided not to take any bonuses for anybody for 2008.”
That is one big-ass number.
Shoudn't "We're talking... I decided" read "I'm talking... we decided" ?
All Comments
They have no spine. What could they say that would be insightful, meaingful or worthwhile of one's time, anyway? I'd prefer they simply go away and let real leadership take helm, even though it does appear the keel has broken in half.
So they don't need an AGM to let their feelings be known.
I don't know how this man got the job in the first place. That brings us to the incompetence of the BoD - two politicians, a bunch of number cookers, and a couple of PhDs.
According to the news article below, "The second plane was effectively grounded in 2007, although Nortel continued to hold the lease for the jet and charted it out to third-party users."
http://www.thestar.com/Business/article/584709
The truth is...while there was money being spent on something absolutely useless, I was getting hammered by taking cell phones away from field staff due to "across the board cost savings" senseless initiatives.
For the Customer, Nortel was the joke because "all other vendors can communicate, why you guys cannot?"
Get real.
Management is describing exactly what was required of them all these years - budgeting money, concentrating on getting the job done....
This new video shows the truth of the matter: http://www.youtube.com/watch?v=3EqQrpep7aE
(Thanks to a reader for the idea)
Imagine answering questions on the 3 to 5 year plan, changing options to cash again, how the reverse split was to draw institutions, 20 dollar buying opportunities, Hackney's added responsibilities, employee severances or further layoffs, unable to sell any more assets, delisting, their suppliers agreements, how long they have before further decreasing or eliminating existing shares altogether, etc... endless... No wonder they hide and run.
They may not have to answer a thing in 90 days anyways.
I thought the security costs were humorous. A days to answer to shareholders almost 100% later is probably a lot cheaper than running the corporate jet for a month, so add costs as being yet another lie and doing what ever they want.
More proof:
http://www.ottawacitizen.com/Nortel+chief+take/...
Give me a break. And yet people think a few youtube videos are offensive. What this guy does and continues to do, and then defends is way more offensive.
If you thought the videos were just a piece of hilarious fiction, guess again, turns out reality is more absurd than anything anyone could imagine:
"Yes, let's start pampering the BoD with pure cold cash since NT stock is now worthless. Have to keep the BoD happy so I have free reign!"
Just pathetic.
“We’re talking about a big number in the $50-million range. I decided not to take any bonuses for anybody for 2008.”
That is one big-ass number.
Shoudn't "We're talking... I decided" read "I'm talking... we decided" ?