That’s That; No AGM

the logo is changing to Business Made Simpler. so simple that there is no business left. why AGM. that is only for profitable companies who are in the business of making money.

oh well.

Seems the company resiliently sails through at the eventual expense of others.
Hard to flush Nortel always gets away with murder.
Should this extension and hiding come of any surprise?

If it wasn't for acknowledging a definite roadblock to financing, they'd still be operating …wait, they still are =)

Will they keep extending their cash burn like the EDC did, to export jobs with taxpayers dollars?

How long to burn through what “available” cash is left, and what about creditor's rights to the cash before they burn it through this extension. Don't their shareholders deserve to know or would this spook customers and suppliers.

Will they even be able to access the supposed other half of the cash for creditors after Chapter 7 given it is locked up inaccessible to fund local projects in China? Or will this money magically disappear too in some kind of performance agreement given they can't get to it but can claim exchange rate gains on it.

Who knows what stunts this laughing stock pulls anymore or the importance of the SEC monitoring their numbers now that they claimed insolvency .

No wonder ethical Gary Daichendt bounced as fast as he could. What don't we know about as they dance the system, loopholes, and duping so many others in the open markets under so much political and legal clout.

Ebbers and Skilling must be heavily medicated for uncontrollable laughter for what Canada allows them to pull. Maybe the OSC should lend them the money they fined RIM or create a new crown corporation. What's next? Another extension until it is all gone and creditors have no choice than to be held hostage?

Their budget crimps have exposed the wimps, simps, gimps and chimps that limps, says Nortel.

http://www.intelligencer.ca/ArticleDisplay.aspx…

Nortel pensioners say they remain in the dark over the state of their investments weeks after the telecommunications giant filed for bankruptcy protection.

“The way I look at it, there's nothing you can do about it,” Masterson said. “There are a lot of people concerned about their pensions.”

Nortel Math: If 60 former employees spent only an hour apiece at this meeting…. thats 1.5 weeks of regular work hours they wasted… over a paltry $850/week check. This is the sole reason the pension fund is 102 mio in arrears.

People, Mike makes more than $850 per day saving Nortel.

Just stand back, already, give him 3 another months and those $102 mio will eventually disappear and we'll never have to bring them up again.

ha

Ah, so what you miss at AAN is robust neutral implementation in an ameliorated object-oriented portal, optimized via reciprocal time-frame synergzying toward increased multi-channelled systemic forecast.

You got that right.

You criticized AAN without offering any “solution” beyond recommending its anti-Nortel bloggers seek psychiatric help.

Thats objective, constructive how, what? I'm afraid we're gonna need to see some credentials before we buy into another expert opinion (see Mike Z) . Don't be shy or modest (like Mike) Indulge us a little.

“Criticism by me is constructive. Criticism of me is destructive.”

http://www.mffais.com/nt.html

Claymore Advisors Llc Institution 2009-02-10 Added More
Bank Of Hawaii Institution 2009-02-10 Added More
Bank Of New York Mellon 2009-02-10 Added More
Citizens Bank Wealth 2009-02-10 Added More

Does this means the pensions and benefits are coming back!

The NYSE did the right thing to delist maintining integrity.
TSX is a joke like the OSC. …or EDC for that matter, et. al.

They call it brainless trading!

http://www.fool.com/investing/general/2008/09/1…

Buying shares of companies in bankruptcy monumentally bad idea. You're probably going to lose it all

If the company can't generate enough capital to pay off its creditors, then it will slide down the scale to Chapter 7, complete liquidation.

equity shareholders are quite literally the last people in line to receive something from the bankruptcy. They're behind the debt holders, behind the merchant creditors, behind the trustees, behind the employees, behind the tax man, and behind even the preferred shareholders.

In most cases, the company will have to sell off assets to raise money to pay creditors. In almost all cases, these proceeds are going to be insufficient to pay off all prioritized creditors in full (after all, why else would the debtor have had to file in the first place?)

It's sort of like betting on the slow and lame horse in a race: There is of course a chance it could win, but that's not the way to bet.

So, potential speculators, bottom dwellers, and Dumpster divers, the answer is that as a rule, investing in bankrupt companies (or even soon-to-be bankrupt companies) is a horrible idea. I'm in fact baffled that the SEC and the exchanges even allow companies in Chapter 11 to trade at all — the implied return on the vast majority of these companies is exactly zero.

http://bankruptcymaster.com/News/Bankruptcy/New…

“bankrupt companies, seem to trade, though nobody can give any reason why they should. There's usually no meaningful value left.”

SCAM ALERT. Troubled companies also often are the subject of rumors -or downright fraud by swindlers -in Internet chat rooms. The rumormongers hope to profit from a short-term rise in the stock price. “This is very common. I see it all the time,” says Brandt.

Managers of bankrupt companies often speak sincerely of their plans for a speedy turnaround, but these comments are aimed primarily at the company's creditors, suppliers, and customers — not the shareholders.

“BRAINLESS” TRADING. The temptation may seem compelling. But wise investors will be careful. The best bankruptcy strategy for all but the most daring is usually to sell, which creates a tax benefit, say analysts.

Better yet, advise most, don't buy the shares – no matter how cheap. Shareholders rarely do well in large bankruptcies of publicly traded companies, says Brandt. Trading these stocks is downright futile, “even brainless,” he says.

Consider Kmart's plight as an example of why such stocks can be dangerous.

Cap Gemini Ernst & Young also may be fanning investors' optimism. The study concludes that Kmart may yet survive, largely because it retains a base of customers as loyal as those of rival Wal-Mart. Sounds tempting, doesn't it? But given the great risks, smart investors may want to ignore this Blue Light special.

http://www.marketwatch.com/

“It's very unlikely that a company will come out of bankruptcy without canceling its shares, especially if they have filed a reorganization plan saying that's what they intend to do,” said John Nestor, director of public affairs at the Securities and Exchange Commission.

“We are aware that people continue to invest and people lose money,” Nestor said.

The chances of finding a bankrupt company where the shares will have value “are very rare and the odds are very much against you,” said Branch.

“a sale establishes a tax loss while holding may not,” he says.

New video has emerged detailing how the Nortel executive responded to the December leak to the Wall Street Journal about their bankruptcy plans.

“…a mole”.

Loved it.

One day, you'll be able to put all chapters together and have a full two hours movie.

Sucker born every minute….

Nortel's reaching the somehow magic $1 mark in lkate October had a few penny ante investors – previously burned by NT, mind you – I know buying stock, cuz: Surely Nortel would take drastic action as it hit $1, right? That, and % gains are just easier to compute with an “even” number.

Sure enough there was ca. 25% spike that made folks feel confident another 25% was in the making. And they waited. And waited.
This is why execs do whatever they wish and usually get away with it.

You can lead a horse to water…

Everything gets old after a while because (most) people (I know) refuse to learn from their or others' mistakes as little as they care for an honest opinion.

How many different ways can you come up with to say the same old thing about the same old problem: the ex wastes all the money, yer alpha buddy disregards them boring traffic lights, dumb kids dope up to please their cool friends, Bob Dylan can't sing, Eric Clapton isn't God, the men on top don't give a flying Chinese about you or your bottom line.

You don't sit in the bleachers at the ball game rambling Madden buzzwords in realtime:
“With the gap run and a one off-tackle in the pocket, at the sweep reverse move to a one screen, then one out, lateral over one slant, forward in two, flagging the post at the T pro right 34 power. That guys got big hands!”

Thats Madden's and Mike's job.

You basically wear some dopey cheesehead hat and scream “we rule!” and/or “you suck!”. That doesn't influence the outcome much, per se. Your buying tickets does. Thats all the team needs to “win”, thank you.

Too strong a union can backfire – UAW got its members a decent wage, but now its become toothless as nobody is buying their cars, so the Prole Uprising of yore has effectively collapsed, and at the worst possible time.

And as with all things organiized, you need a few, (i.e. not 30,000 driving the bus) standup union leaders to represent you and call bull$hit by its name. Resist and persist.

Contrary to your assembly line grunts, I think a lot of Nortel R&D could run itself just fine without the beancounting.

Yeah, I still think Nortel is going to gamble a bit and try to finagle a lot of jobs into contract gigs.

http://www.youtube.com/watch?v=2lDFLLKSkUg

Z vaporizing Nortel from his corporate jet as part of the restructuring plan.

Cisco just did a successful $4bln US debt offer. Similar to what they did before buying Scientific Atlanta. Maybe some of that is going to go to Nortel MEN and Carrier…. Hmmm…

Popular opinion is that the target is VMware, as they already own a stake in them along with EMC. Cisco wants increased presence in the Data Center with Servers and Virtualization that can leverage their proprietary SONA architecture.

Cisco sees Microsoft and Google as their main competitors now. However, if this transaction does occur it will be interesting to see how IBM and HP responds.

Has anyone ever heard of a company exiting chapter 11 with current shares intact? Why hold an AGM when there are no shareholders ( because there are no shares)? When Air Canada and Delta Airlines exited chapter 11 as more viable companies they issued new shares rendering the original shares (and shareholders) extinct. Why in the world would NT have an AGM to tell you you are extinct ?? They had 2.3B in cash .. they could have done all this restructuring without filing for chapter 11 yet they decided to screw the shareholders royally.
I am sadly a shareholder

I feel sorry for exising shareholders. Day traders are the only ones who will be able to profit from Nortel's demise as the opco it is today.

The restructuring plan being brought forward in May will call for the issuance of a new class of shares struck for private equity investors. Preferreds will remain on the books. Commons will be extinguished. “Why not make a rights offering to exising shrehlders?” one might ask. The answer is as follows:(1) the Stelco precedent–Stelco did not do so so that it could avoid the uncertainty and the headaches, and it was not forced to do so by Justice Farley (who was about to retire and wanted to wrap things up quickly, even though events were to show that if the offering had been made, existing shareholders would have profited handsomely–just as the successor owners[i.e. private equity] did. Not exactly a banner case for shareholder rights.),

Note that the excutive responsible for “Restruturing” has issued not a peep about his direction–not surprising. I have never heard of a CEO assigning such a responsibility to an underling, said underlying being a obvious novice at these sorts of things, judging from his lame pronouncment to the press when he was appointed.

David Richardson will will now take the reins of the Rest. and when it comes to the stakeholders he feels he must heed, common sharehlders do not even exist.

For the good of our country, Nortel must survive. I just hope that when the dust settles, we will all pay homage to the shareholders whose futire stake was surrendered to the opportunists whose bargain with Nortel gave them 100% equity ownership.

Requietat In Pacem.

CS