Watson Resigns

To paraphrase Doyle: "Elementary," said Watson. "Elementary."

protosphere

thanks. sounds like big mutual dumped stock in case its delisted.

Bored of Directors.
Didn't johnny manley do a fine job.
Government connections at the highest level.
Inside knowledge from trailblazers like jean chretien who forged business with China so jobs could be sent there and we could import disaster.
John really made the case for Nortel as a crown jewel and made sure telecom
companies all over Canada bought Nortel only, with subsidies and guarantees.
Look what Chairman Mao does for Huaweii?
Well Done John.

Watson resigning is Susan Shepard's déjà vu?

Susan Shepard = boat anchor that floats. Not useful to the corporation. At this point I think it's fair to say that expression applies to the board, so I agree.

My hope is that John Watson called for Mike Z's head. I guess we'll never know.

http://www.cftech.com/BrainBank/FINANCE/NewYork...
Listing Requirements
To be listed on the New York Stock Exchange, a company is expected to meet certain qualifications and to be willing to keep the investing public informed on the progress of its affairs. The company must be a going concern, or be the successor to a going concern. In determining eligibility for listing, particular attention is given to such qualifications as: 1 ) the degree of national interest in the company; 2) its relative position and stability in the industry; and 3) whether it is engaged in an expanding industry, with prospects of at least maintaining its relative position.

The appropriateness of a continued listing of a security on the NYSE cannot be measured mathematically. The NYSE may at any time suspend or delist a security where continued dealings in the security are not considered advisable, even though a security meets or fails to meet any specified criteria. For example, the NYSE would normally give consideration to suspending or removing from the list a security of a company when there are:
600,000 shares or fewer in public hands.

http://www.cbc.ca/money/story/2002/10/02/nortel...
Nortel shares breach NYSE listing requirements
Last Updated: Wednesday, October 2, 2002 | 5:35 PM ET
CBC News-The New York Stock Exchange has told Nortel Networks (TSX:NT)(NYSE:NT)that its stock price is too low for continued listing on the exchange.

Under New York Stock Exchange rules, a listed company's stock risks being delisted if it closes below an average of $1 US for the previous 30 consecutive trading days. Nortel's shares broke those conditions last Wednesday.

* BACKGROUNDER: The Nortel headache
On Sept. 24, Nortel said it would ask shareholders to approve a consolidation that would exchange many current shares for one new one - a reverse stock split that would raise the price of Nortel shares to the company's desired range of $10 US to $20 US.

http://www.cellular-news.com/story/11586.php
NYSE To Continue Listing Nortel Pending Restatement
TORONTO -(Dow Jones)- Nortel Networks Corp. (NT) said the New York Stock Exchange has granted the company an additional three months to file its 2003 annual report with the Securities and Exchange Commission.
The exchange will allow the communications technology company to continue listing while Nortel continues to sort through accounting irregularities in 2003.

__________________________________________________________

Nortel has exercised an extreme 10 times reverse split. at today's prices of around a dollar per share, it would be trading at around a dime.

Should nortel revisit its this year's low of 99 cents made just a few days ago, post split adjusted for 30 consecutive days, this too would violate their listing requirements on the new York Stock Exchange


...the capacity for interesting events to unfold indeed

when will Zeroman follow.

He won't. He has a plan!!

1. Cancel all projects not making money in the next 2 months... layoffs
2. Sell off profitable portions of the company... layoffs
3. ???????
4. Profit!!

er that would almost be 80% of nortel either not making money and the few making some.

3. the how to do 6 sigma company. black belt classes starting jan 2009. sign up now and save the registration fees.

John Watson retired from EnCana February, 2006.

Public companies hold Board of Director's Meetings prior to public release of financial results. Obviously this meeting happened earlier this week given the results date announcement. He likely resigned during that meeting which required immediate release of the information. Much better than resigning over the phone isn't it.

The statement that Nortel is currently below SEC requirements for Market Cap is false and misleading (as usual).

The statement that Nortel is currently below SEC requirements for Market Cap is false and misleading (as usual).
reply
===
nope
i stand behind that!
Find one post I was wrong about NT?
just one!
Stop bashing the messenger!

You continue to prove how your motivation is about being "right" all the time. You are apparently very self-centered and much of what you say on this board is tainted with extremism and overt hatred for Nortel. Aside from the obvious benefits of saving many jobs and people's investments, I hope Nortel succeeds simply to get you to stop spouting off every ten minutes.

Of course you stand behind your bullshit statement but you never back it up with actual facts from a reliable source. You are dead wrong on this statement.

Continued Listing Standards are governed by the Stock Exchanges, not by the SEC. The COntinued Listing Standards for the NYSE known as Rule 802.00 Continued Listing, last modified on October 20, 2008 can be found here: http://www.nyse.com/Frameset.html?displayPage=h...

There are a number of different tests for Market Capitalization, including this statement:

"(ii) average global market capitalization over a consecutive 30 trading–day period is less than $100,000,000."

Nortel's current Market Capitalization is around $575,000,000 which is more than 5 times greater than the NYSE test above.

There you go, this recent post of your is dead WRONG and backed up by facts from NYSE rules.

TIC,

I appreciate your enthusiasm and knowledge of the listing rules but I'd appreciate if you could be a little more civil.

Mark

You chastise TIC for one questionable word, but let yes4aapl and all of his other names go on for months bashing and making statements that he calls fact without reference? It's not just the content of his screed that puts me off your blog, it's the tenor as well.

noname,

You definitely have a point but remember that this is a blog. If Mark or yes4aapl cared about posting facts they would've written facts for papers, journals or any other reliable sources, but unfortunately AAN is not something we should come and expect to get "facts" from. It is actually a shame that some articles refer to this blog with the types of statements we see here.

With that in mind, as Mark mentioned, we should all try to be civil. Validity of yes4aapl's posts is in fact another matter.

Agree.

like TIC,
I get tired of false statements from yes4aapl... he is a troll

I know what I know and I post that. I know what I don't know and I don't post that.
That's why you won't find my posts misleading!

Apparently, though, you don't seem to know when to stop posting things that, obviously, only you know.

Let me tell you
It was me who calculated that single digit growth reported and confirmed many times for 2008 was a lie!
On Sep 17 Mike corrected that!
It was me who calculated BSNL deal would lose $1 on $1 revenue!
confirmed
and now I say NT is below NYSE requirements for its market cap.
What do you know?
Did you know that 2 mill investors were robbed of their money by NT?
2 mill families!
If you come to this board to ask for shareholders approval for new bonuses you are pathetic!
I hope honest Nortel's employees will do just fine.

Yet more of "me", "ME", and "me". You're like a child screaming "look how brilliant I am!". Like somebody else said earlier, you're a troll and you spew falsehoods disguised as fact. The only positive thing I can say about you is that you seem to be fairly intelligent and at least you claim you hope Nortel's employees can stay afloat. Beyond that, I wish you would tone down some of your comments so it doesn't incite TIC and others like him (i.e. me) to want to scream at you.

don't bother. replying to his posts only fuels him to write more of his crazy stuff.

Anyone out there with the real Facts in hand could start a pro - sorry - *objective* Nortel blog.

I think doing so would quickly put NT stock right back where it *objectively* belongs.

I also appreciate Tongue.In.Cheek's comments on this blog (and not so much the horse manure that yes4aapl seems to be spreading around).

Ok Mark, I will be more civil. My question to you is, what are you going to do to limit the amount of false and misleading information posted on this blog that is now proven with actual facts?

what actual facts?
your facts?
read your own link
http://www.nyse.com/Frameset.html?displayPage=h...
Do you see how many different test can be done to assess listing requirements?
NT stock fails them all and long time ago.
I am not the brightest and I see it!
What about experts about listing requirements?
How many years you stalk me and bash me and you are proven wrong and wrong again? All that your nonsense about BSNL it was cost not a loss, or Q2 2005 Profits tripled because P Currie said so, or where is P Currie, you said he has not resigned, or it was just accounting mistake not a fraud, or single digit growth for 2008 or the restructuring was done and finished, or no more job cuts, or 4G leapfrog,... and so on and on...
and I the simple guy with simple math and simple logic was able to show all the pitfalls ahead of time and yet Nortel drove over them anyway!
What's your agenda, Tongue.In.Cheek ?

yes4aapl is being a TROLL. Don't feed the TROLLS.

It takes a lot to be delisted, even with warnings, a company is given several months to rectify the situation. And, with the current economic climate the NYSE is likely to relax the rules on delisting warnings.

Please stop insulting us with your lies.

If they have failed ALL the tests, then why hasn't the NYSE issued warnings and statements to Nortel?

Mark,

I think TIC is and has been civil,at least he's made the effort to provide a link for everyone to see as opposed to someone making a false and misleading statement- this reflects poorly on your blog.

He's just being matter of factly by strongly calling out another poster's statement of being wrong.

Calling "bullshit" is what, now?

Should I have used that word ... NO. Was it shown to be the case ... YES.

I didn't know the SEC had requirements on market cap. I think you are confusing with the NYSE requirements for market cap.

NYSE requirements $100 million mkt. cap to be listed, but to get a delisting warning you must fall below $75 million and for a period of time, or the stock must close below $1 average for more than 30 days.

I should add, regardless it isn't easy to get delisted, basically Nortel would have to go the way of Lehman Bros. for this to happen... however...

What? He could not have waited 11 extra days and resigned after the quarterly results were released? Why the big rush to get out of the boardroom?

11 extra days?
Lets say I know NT stock and Nortel corporation.

The stock is below SEC requirements for market cap.
Corporation is falling apart, the best assets are on sale as we speak.
Pension deficit is the biggest in Canada, tax credit is the biggest asset to be written down (no chance for profits) NO CHANCE FOR PROFITS is another explanation why Nortel is a loser!

it is just the beginning of more to come...

Any opinion on how this will be reflected in the stock market?

Watson was part of the financial audit committee, and giving Nortel's financial disclosures in the not-so-distant past, the resignation might put a big question mark as to what to expect for Nov. 10's CC...