With the Nortel Garage Sale nearly complete, the last major assets on the table are the 50.1% stake in the Nortel-LG joint venture and the 3,000+ patent portfolio, which includes the much-coveted LTE patents.
There is, however, another valuable asset that has escaped the spotlight: Nortel’s minority stake in Blade [...] Continue Reading…
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It looks like the incentive bonuses that Nortel wants to give to its remaining employees over the next two years may turn into a battle.
According to BusinessWeek, acting U.S. Trustee Roberta DeAngelis is objecting to the $55.6 million of retention and incentive payments for 866 employees, describing them as [...] Continue Reading…
Now that the sale of Nortel’s carrier VoIP and applications business has been sold to Genband for $183-million, Genband CEO Carlie Vogt sent a note to the employees involved in the deal:
Greetings from GENBAND
An open letter to employees of Nortel’s Carrier VoIP and Application Solutions business
On behalf of GENBAND, [...] Continue Reading…
The carrier VoIP business must be in rough shape or Nortel’s carrier VoIP isn’t doing that well after it appeared that no one else other than Genband was interested in the business.
In a press release, Nortel said today that Genband has acquired the business for US$182-million after taking into [...] Continue Reading…
If you’re a Nortel employee on long-term disability, you really have to wonder if the world wants to play fair.
After accepting a $57-million deal recently that will see their benefits expire in December, the 400 people on long-term disability had to watch Nortel unveil plans to hand out more [...] Continue Reading…
Nortel Posts Q4 Results; No One Cares
Nortel posted its fourth-quarter and 2009 results a few days ago but given the company is heading towards extinction, the results are a non-event. There were a few interesting tidbits after sifting through through them: - Nortel plans to registration of its common stock under the Act shortly and suspend its obligations to file periodic reports with the SEC, including 10-Ks, 10-Qs and 8Ks. - NNL will continue to be a "reporting issuer" under Canadian securities laws and, as a result, will remain subject to continuous disclosure requirements, including the filing of annual and quarterly financial statements and managements' discussion and analysis of financial results. - As of December, 31, 2009, Nortel has $2.0-billion of cash reserves, as well as $815-million of equity investees cash and $1.93-billion related to asset sales.