There Should be an AGM

Oh, and looks like this video:
http://www.youtube.com/watch?v=3EqQrpep7aE
(Jump to 1:30 if you want to skip over the opening)

Was proven true by this story today:
http://www.financialpost.com/story.html?id=1274372

Funny how truth is stranger than fiction.

Holding an AGM would require that the management and BoD take responsibility for their action (and inactions) something they seem to be allergic to. So it's not surprising that they have yet again abdicated from any sense of responsibility that comes with being in power.

Evil Z man's home address is available for those who would like it

contact fatzoff@yahoo.com

I figured it out:

No plans -> No AGM -> Road to inevitability (Chapter 7)

That's the only reason why. They don't care anymore. (Never did).

"First you complain about us wasting all Nortel's time and money, now you want to waste our time and money by telling us we are wasting your time and money. Ingrates. Hypocrites. Peasants."

Haha!

Management doublespeak at its best!

Judas Z is a cold hearted weasel. I am just starting to here about how people 's lives and Families have been impacted by this scumbag's lies and broken promises. Rot in hell Judas.

AGM is just a sham and the stock is worthless. Why hold a meeting?

Flaming? Flak? Aren't these two damn good reasons to hold an AGM?

Z... some guy seated in a New York tower is knocking your door...!?!

http://www.reuters.com/article/bondsNews/idUSN1029009720090210

No AGM = no surprise = cowards

Stockholders are no longer interested. They have cut their losses already and don't want to spend a single ounce of energy fretting over their loss.

Failure of Nortel is a prime example of how weak capitalist system has become. stock holders were part of free enterprise checks and balance system, keeping the BOD and CEO in check and accountable. But over the years stockholders have increasingly become disloyal to companies as they only own a stock for a short term gain, therefore have no vested interest in ongoing success of a company. Once they make their money they cash out, at least the smart ones, and on to better and bigger things. This cycle of short term holding has become even more main stream over the past 10 years because everyone has access to the electronic markets and they don't have to call their brokers to buy, lets say 100 shares of apple or IBM.

In short, this has given the CEO and BOD unprecendent freedom and for them shareholders meetings are a mere formality as the shareholders are not genuinely interested in long term gain of the company and most of them are in for a short ride.

So honestly world has a changed and capitalist system where shareholders were part of checks and balance is no longer intact. It is pretty much up to BOD and CEO to call the shots.

its going to cost money. Z, BoD, execs travelling first class. Z getting prep PR training on expressions in the media. and then there is of course real hard work to come out with a responsible message and a path forward, which they have no clue about.

come on E&Y is consulting them. McKinsey is consulting them. A high priced NY firm is consulting on cash burn. Lawyers and other high priced firms are looking at operations.

makes you wonder what the hell the execs are doing. brewing cappuccinos and enjoying the view from their comfy couch in their 100 foot high 600 sq ft offices?

AGM is too much cost my friends. The only blood boiling will be shareholders, employees, creditors. It ain't worth the exec time.

So who exactly are the shareholders, the stock is worthless. Am I missing something here?

Yes.

Actually, instead of hoping Nortel reconsiders its request, it would be best that the court simply deny the request, thus setting the stage for the execs to not only face the wrath of the shareholders over the company's failures under their leadership but also for attempting to prevent them from having the opportunity to grill them.

The time spent on preparing for the AGM is not time wasted; it's their freakin' job. This is what they are paid to do. Again, all we are seeing here is the executive committee neglecting their responsibilities to their employees and the shareholders. The court should be able to see through this thinly disguised attempt to dodge their accountability and require them to face their inquisitors.

Should Nortel host an AGM - YES - just not now. I'm sure many people would love to see the Board of Directors and Executives pummeled and humiliate them. Security is a substantial concern given the emotions related to the proceedings and the number shots being taken at them, up to and including referencing Nortel Executives as Nazis, even though it was done within the context of humor.

So, when should an AGM be held? I would suggest after completion and acceptance of the Business Plan and Plan of Arrangement/Reorganization. With this, they then have documented and accepted plans that can be shared with stakeholders.

...that they have more time to complete the realy important tasks, like memorize their meaningless buzzword strings, as usual, and sound like they have it all figured out, as usual.

I get more and more angry the more I think about how this whole thing is playing out. I'm an employee and have ridden the roller coaster of the company over the past 15 years through good and bad.

I've also ridden the roller coaster of emotions over the past 3 years of the Mike Z era of hope, enthusiasm, excitement, disappointment, disgust and now anger.

I'm not angry about the "economic environment." I'm not angry about losing some big prospective wins. I'm not angry about having to lay off people (certainly not happy about that, but hey, even the best companies are laying off).

I'm increasingly angry and disgusted that our leadership says one thing, but means something entirely different. INTEGRITY is the name of the speech game around here, but where is it really?

You want to have regular communications as you lead us through this "difficult time"? You want to make INTEGRITY the foundation of everything we do? You want to hold leaders to a high standard and be examples for employees?

Why, then, do you push away the shareholders and close this important door of communication (the AGM)? I'm sure it will cost no more this year than it did last year. It will take away focus no more this year than it did last year.

That's like saying talking to customers keeps us from doing our work.

That's like saying that it is really too much time and effort and cost to go vote so we'll just skip it this year and what does it really matter anyway?

Certainly the AGM is largely symbolic in allowing access and communication between the shareholders in the company and the board & leadership. Yet, because it is symbolic, removing it removes something deeper than just a few hours in some Canadian hotel conference room. It says that the board is pushing "us" - employees, shareholders, the media - away.

Further evidence that what you see (or hear) and what you get are different.

As an employee, that makes me very angry.

Very well said my friend, very well said.

Unfortunately the request for cancellation of the AGM is just yet another indication of management's complete lack of responsibility. What else to expect from a team that is so arrogant that they believe they had no fault in this mess?

Sometimes, it almost seems like management is actively working against employees as if their goal is to bring down the company.

Your words carry much sense and weight. Unfortunately for these very reasons, they will be ignored by the executive.

Certainly the AGM is largely symbolic in allowing access and communication between the shareholders in the company and the board & leadership. Yet, because it is symbolic, removing it removes something deeper than just a few hours in some Canadian hotel conference room. It says that the board is pushing "us" - employees, shareholders, the media - away.


This is the result of current management along with the BOD addressing this concern to E&Y that they are fretting this annual obligation to its shareholders(which is the requirment by law and various governing bodies that regulate publicly traded companies) and as a result have used the bankruptcy protection procedure as an excuse for avoiding what they know would amount to facing the shame and embarrassment that comes with an executive team that has failed the company and its shareholders along with the so called panel of experts(BOD) that have done nothing but line their own pockets and will continue to do so,as Nortel stock is no longer worth the paper its printed on.

Since when is a 3-5 hour AGM that much of a stretch out of a 6-18 month restructuring process?

No I hope that there is at least one executive that reads this and deep down knows that they have acted cowardly behind the latest excuse given as to why they are avoiding at the very least this obligation to shareholders.

The smart ones know it was E&Y instructing Nortel to put out this PR as it is easy for them to suggest this while they are set to earn millions from this restructuring procedure,heck they are and will only ever be seen as the auditors overlooking the bankruptcy protection process and not the cause of it of which is so obviously the result of current leadership,but the real hypocracy is the fact that none of the current leaders or BOD have taken a stand and said "No I think we owe at least this much to our shareholders"!


Money and title is a strange thing isn't it-I bet anything that if the internet didn't exist Mike Z would still be flying the private jet to and from his Chicago home throughout the entire restructuring process.

Mike ....you might as well continue flying on that private jet-the fact that the BOD are no longer accepting Nortel stock as compensation is really no different in the grand scheme of things,however it doesn't appear as obvious as using the private jet because it is under the disguise of earning a paycheck.


T

They are still running OwnIt session in the cabinet.

What do you expect ?...MBBs are still going through PMCS charts...it will take them another 2 years to figure out this plan...That will complete Z's 5 year plan...close the Nortel's door.

There isn't much to discuss at the AGM....all you need is to read the weekly Zmail. It sums it up nicely.."We're working on the plan, thank you for all you doing at Nortel"...Good day.

The Board of Directors would be tossed to the curb and they would lose their cash compensation. Much easier to just take the cash and not be accountable to anyone.

Mark: I'm sorry but you did not get it....

There is no plan. So, there is nothing to say to the shareholders. Period.

Also, the simple fact that he doesn't want to have a face-to-face in-the-eye conversation with shareholders, indicates that he is not serious about the so called 'path forward' he blabs in his ZMails. Which would be a fundamental part to obtain support for the required changes, if there was a plan. But unfortunately, there is not.

Aye, "the path forward".... another rote repaint of a non-existant (r)evolution.