No Worries, Mike Z.’s Sweet Pension Safe

Why do I bother worrying and working for this place ?

MC

Being not directly related with the headline, Nortel Networks Limited, has decided to seek a buyer for its majority stake (50% + 1 share) in LG-Nortel. Nortel Networks Limited will file a motion with the Ontario Superior Court of Justice for approval of a proposed sale process that has been agreed with LG Electronics and the appointment of Goldman Sachs to assist with the proposed divestiture. Any proposed sale that results from the sale process will require the consent of LG Electronics under the terms of the joint venture agreement, and further approval of the Ontario Court.

This new is also added to posts in the Nortel Business and Financial Restructuring news page. This time, may be there might be a sale in the near future.

that's old news dear blinker, though it just triggered a google alert, I know…

WHEW….. Thank goodness. Why just last night I was trying to explain to my family how it really didn't matter that we might not be able to pay our bills at the end of the month. The really important crisis was whether or not Z's pension was safe. Now I can reassure them that even though he will be slumming with a mere $366k a year, at least he will still be able to send his maid to the store for groceries.

Don't you mean Stockholm syndrome?

Good For Mike.
When you are a leader whether you are lousy or not you get rewarded.
This guy is the leader of 25k people.
I think he's worth it.
Never mind how lousy of a job he is doing.
It's the title, the prestige.
Like Queen Elizabeth reigning over the peasants.
The other execs and senior managers at Nortel are the high lords.
And I mean lords.

and chance for him and you gangsters being suited are also very high no matter what money is going to the lawers, you and Z gangsters have a dinner in the jail room is not impossible.____The lawers gets money, and Z man gangster get cage life.

Don't worry, for those that want to see Nortel forced into full liquidation (Chapter-7) then the end result would see Mike Z's pension terminated.

you are pointing your anger in the wrong direction.

TIC you sound kind of bitter there. Simple question….do you truly believe that Mike Z deserves 366K per year from Nortel for the rest of his life?

Also, why are you always such a kissup to NT executives?

Try to think about this logically. Money is being taken out of employee pensions in order to pay for Mike Z's pension. That is just wrong.

To answer your question – No, I don't think that Mike Z should earn a guaranteed pension valued at $366K per year.

However, I do have major frustration with ME Consulting and the decision to make this blog a bash and attack blog with very little balanced information or very little factual information in support of the headline claims. If this is the mission of ME Consulting to create a corporate blog that bashes and attacks executives, then I wish ME Consulting luck in gaining future contracts for corporate blogs. It makes a competitive strategy dead simple to create and execute.

Frankly, does anyone here have any detailed knowledge of the actual contract beyond the headline claim made here? I highly doubt it but it does make it very easy to create sensationalized claims through these types of headlines.

I also don't buy your suggestion that money is being taken from a controlled defined benefit fund to pay for Mike Z's pension. Please prove our statement on that as it doesn't pass muster at all. Aren't they in total separate pots of funds under completely different control?

What I look for is factual business information rather than two-faced fabricated information. More and more that simply won't be found here.

I wonder how much Hackney is booked for.

$400 million bucks later in remuneration and $400 billion in lost market cap and these pigs at the trough just can't get enough can they.

In my opinion,
This is the only place where people can get balanced information and actual fact.

What can you get from other Nortel blogs?
lies + propaganda + empty slogan

ME and Allaboutnortel, excellent job !!

However, I do have major frustration with ME Consulting and the decision to make this blog a bash and attack blog with very little balanced information or very little factual information in support of the headline claims.

I used to also think that this blog was just a bash towards Nortel's executives,but now I know that much of the bashing is actually warranted.

Regardless of where the funds come from that pay for Mike's pension of any regular employees of Nortel,the point is that Z has earned in excess of $30 million over the last 3 years for what essentially comes down to nothing more than a slight improvement in operational efficiency which by the way has done nothing to strengthen Nortel's competitive edge or longterm strategy.

A knowledgable bean counter with a background in operational experience could have done the same job that Z did for $150k /annum which would have worked out to $450k over the same 3 years instead of Nortel having to dish out $30 million.

In a time when the economy has been impacted by global issues along with Nortel and its well known weaknesses,you would think that the leaders of large companies would take the initiative to ease up on their relentless attitude of self entitlement,especially when thousands of the rank and file have seen their employment vaporized,but it is not to be executives continue to make headlines witn their never ending greedy hands in the cookie jar until the very last crumb is gone.

Last but defintely not least there is the issue of principle and morals along with goodwill jesture that todays executives could show to the many thousands of employees who are being impacted by the economy,afterall when business gets impacted the small guy is always the first one hit,yet these well paid executives never seem to have to endure the hardships the same way as the small guy does.

Here is all this talk about Nortel executives setting aside some $23 million in KEIP just to ensure that they stay at Nortel at a time when the future of Nortel is uncertain,would it not make sense to first get Nortel through this bankruptcy protection process before setting aside KEIP money in order to keep these so called executives,not to mention that Z getting an annual pension in excess of $350k per year on top of the $30 million paid to him while Nortel has lost marketshare,customers,lost pension benefits to employees then there is the matter of shareholder value that has also been vaporized along with thousands of jobs.

All of this amounts to a slap in the face to Nortel employees who have been impacted,sharholders who have lost untold amounts of money etc etc etc…

If bashing is all that Z and the rest of the Nortel leaders have to endure,I would say that is a pretty good trade off.

“What is the motive to brown nose TongeInCheeks,”

Eww!! That's an image I hadn't conjured before.

In Canada Harper and McGuinea bail out assemblers at the big three with billions, whilst ensuring they get big salaries and their pensions are untouched.
In Canada billions are wasted on official bilingualism, multiculturalism, refugees, special interest groups, visible minority spending, the arts and payouts to terrorists.
In Canada they've gotten nothing right since pearson and especially trudeau came onto the scene. Trudeaus charter has destroyed Canada. If you want to come to Canada, you adapt and change to what Canada represents and what it was built on. You say thank you and feel privileged to be let in. Today it works the opposite.

“A wild shot in the dark made by disgruntled former employees. Z nad co, remain innocent until proven guilty. Give the courts 12 -18 months to do their jobs and we'll see. Then Z and co. will appeal. Its within their rights to. Still innocent. This could take another 12-18 months.”

No, Z- man himself….–bb

Not only on this blog is the word out on the greed the runs this organization, word it out on the street as well:

http://www.phoneplusmag.com/hotnews/nortel-stif…

Courts don't make laws, they just interpret them.