Nortel Sunk by Customer Concerns

I call Robert Verdun to testify about Nortel.
In my opinion it's critical to hear from him at that moment.
It would expose BoD tricks to fool investors so they lost all their money. NT stock=zero
Bob, where are you?
Mark Evans
Can you try your charm to ask Bob Verdun to post as a guest on this blog?
Bob is a busy man, he answered my call
He said
Robert Verdun" <bobverdun@rogers.com>
View contact details
To:
yes4aapl2007@yahoo.com
It's me you are looking for, but I gave up on Nortel a long time ago (about two years). I own no stock, and see no future for those guys!

Bob Verdun</bobverdun@rogers.com>

George Riedl did FUKK ALL !

How much was he paid ?

MC

What are you guys talking about, George Riedl is very active in M&A activities. Selling them........

Not the kind of M&A he wanted to be part of...--bb

Hired to work the M side of the equation & "lack of strategy" ended up on the A side.

He still has a future if he decides to obtain a formal education at A&M before trying this M&A work in the real world....

good point; M&A does require intestinal fortitude, which he has yet to show!..--bb

Very interesting, according to the bloomberg article below:

"Bondholder attorney Jennifer Feldsher told Gross that her client has said it is “highly likely that it will put in a bid that is higher in value.” That could include a proposal to reorganize the entire company instead of selling off its major units. "

does that mean the creditors want to put higher bid on Nortel pieces, buy them back, re-organize Nortel, emerge from Chapter 11 as a new company?


"

It means that a chicken without head is running around the yard. It won't be long. What a mess!

As you see creditors still don't have much to say.
Ch11 is the law to protect the company /Nortel/ against creditors claims.
Judge is just confirming that Ch11 can still keep creditors away.
Judge agreed with Nortel to sell CDMA and LTE in the stalking horse bidding.
Creditors think that it is not the way to get the most money from the process.
They would want Nortel to have a Plan to restructure and emerge from BK.
I guess next step would be to convert the debt into new shares...
problem is that Nortel cannot be restructured and almost everyone knows that so far /with the probability of any restructuring to fail again of 90%/
It looks that some creditors still don't know that.
They invested their money in the fraud company and they are much surprised today.

NEW YORK (Reuters) - A U.S. bankruptcy judge on Monday approved procedures for Nortel Networks Inc (NTL_pf.TO) to put most of its network carrier business up for auction in July.

U.S. Bankruptcy Judge Kevin Gross approved the bidding procedures for the July auction at a court hearing in Wilmington, Delaware on Monday, according to court documents.

Nortel has said Nokia Siemens Networks NOKI.UL -- a joint venture of Nokia (NOK1V.HE) and Siemens (SIEGn.DE) -- will offer $650 million for the company and act as the "stalking horse bidder" for the advanced wireless technology business which helps service providers and cable operators supply voice, data and multimedia communications to mobile devices.

In a bankruptcy auction a "stalking horse" typically sets the floor for bidding, and makes the lead bid at the bankruptcy auction. Nokia Siemens will have the right to match any higher offers.

The deal would allow Nokia Siemens to expand its presence in North America and make it a leading supplier of wireless infrastructure products in the region.

Nortel has said in court papers that its network carrier business competes with companies like Ericsson (ERIAF.PK), Alcatel-Lucent (ALUA.PA), and Motorola Inc (MOT.N).

The auction is set for July 24 in New York and the deadline to submit bids is July 21. The deal is subject to bankruptcy court approval and a court hearing is set for July 28, according to court documents.

Carrier? Well there goes the farm...
network carrier business competes with Alcatel-Lucent and Ericsson
So will their LTE.
Ericsson is also in with a first with Verizon
It's a gamble for Noika, Many say they got this cheap relative to past performance but I think it remains a grave gamble destined to bust.

Anyone know what wins Noika has in North America to enlighten how it might strengthen its position aside from acquiring Nortel luggage?

re
Proto, where is Robert Verdun when we need him?

The judge then took his turn.

"This is not just a matter of money," Chin said. "The breach of trust was massive. Investors — individuals, charities, pension funds, institutional clients — were repeatedly lied to, as they were told their monies would be invested in stocks when they were not."

Madoff received the maximum term for the massive Ponzi scheme run at least since the early 1990s that demolished the life savings of thousands of people, wrecked charities and shook confidence in the U.S. financial system.
------
Do you see Proto?

"This is not just a matter of money,"

We have Madoff_like crooks in Nortel as well.
All the evidence, the dots as we call it, we've collected for years shows the same Big Picture.
Connect the dots!
When it started?
Jean Monty or before? I have no idea.
Nortel's BofDs creating the ground for the $400 bill scam.
I know Governments know that.
With all tips, whistle.blowers reporting to the Govs, all victims complaining to the Govs, all the investigations by the Govs....Govs know.
It's even in the courts on both side of the boarder...
20 millions of pages of evidence..
In USA exposed frauds are sentenced.
again
I know you know that is not just a matter of money.
You are the honest person, a victim of NT stock.
The last moves in Nortel case are just confirming more dots to the Big Picture
Rescue just pieces of Nortel as there was not a chance to rescue Nortel as the whole.
last dots
EDC moved $300 mill to Nokia to save few jobs.
Minister stating that the Plan which Mike Z prepared was just laughable!
I believe current EDC's intentions are honest, current Canadian Gov intentions are honest but what about Nortel's Madoffs?
Believe me There is no other way just one.
Public will know about that big scam NT stock.
I am sorry for all honest Nortel's employees!
You are the victims as well.
As you see 99,99% of you or more were honest but what happened?
more than 10 mill investors were robbed by Nortel!
Why so many of you tried to ignored that on the blogs like that one?
Why you were not part of public cry to expose the scam and clean the air?
There is no other way for Canada just to follow US in exposing frrauds.
btw
Who is Robert Verdun?
Why Nortel's BoD ignored all the red flags?
Why previous Canadian Governments ignored investors like Robert Verdun?
It happened again and again and again and now we have many fat cats and millions of victims.
Fat cats like F Dunn, B Owens, Mike Z and all anonymous Directors like Manley with fake sorrow on their face...
I did not mention other fat cats here...
I call shareholder Robert Verdun to testify at AAN about Nortel scam!

Do you see Proto?
If Robert Verdun was successful in 2002 you would not be robbed by next Nortel's scams in 2004!
I call Robert Verdun to post on AAN.
http://www.lightreading.com/document.asp?doc_id=14491

bloomberg article on the same topic:

http://www.bloomberg.com/apps/news?pid=conewsstory&tkr=NT%3AUS&sid=a45toyh3AUmw

The most interesting bit:

"Bondholder attorney Jennifer Feldsher told Gross that her client has said it is “highly likely that it will put in a bid that is higher in value.” That could include a proposal to reorganize the entire company instead of selling off its major units.

Feldsher represents MatlinPatterson Global Advisors LLC who own $400 million of Nortel bonds, according to court records. "

MatlinPatterson the vulture fund guys are making an interesting play here.

If they up the ante, then NSN is forced to better it, if they really want the CDMA/LTE piece. If this happens, then as bondholders, MatlinPatterson stands to get more $$ out of their gamble on this distressed bond.

On the other hand, if MatlinPatterson wins the bid, then they will do what they normally do i.e. scavange. Layoff employees to the bare skeletal structure of the company, screw up the pensioners/retirees more than Nortel did, maximize outsourcing to bring costs to a minimum and maximize profit, and then sell whatever comes out of the reorg at a small premium to someother vulture capitalist.

It is not correct to say that Nortel has only made one acquisition in the past 3 years(Tasman). Off the top of my head I can think of two others......Diamondware and Pingtel.

Now if you want to claim that Tasman was the only significant acquisition that Nortel made then that might be fine. But to say that Nortel only made one acquisition period, then no, that is not accurate.

PEC was the other last MAJOR acquisition they paid $448M U.S. for
Anyone know what it is worth today?

Riedel a good man, a talented strategist but unlucky in his bosses selection process. Don't see him going back to Juniper…--bb

"Talented". Hmmm. Three years at Nortel and barely a peep from him. Wouldn't talent include some leadership or the intelligence to leave when it was obvious that nothing could be done? I realize that not all talented people are necessarily successful, but "unlucky" for three years sounds more like "poor judgement".

I dunno. Could be he peeped too quietly, but it could also be the top burros brayed too loudly.

Although this blog likes to call out only one acquisition that had his involvement, history does show at least 4 acquisitions in which he likely had involvement. We also know now by reading his court declarations and affidavits that he has been involved with various sale negotiations that never came to fruition.

Seems like he is more of a work behind the scenes type rather than a public type, which is somewhat understandable given he has been involved in numerous confidential negotiations.

In hindsight, it is really too bad that they were unwilling to sell Enterprise during a similar time frame as the Avaya deal. They could have netted enough funds to payoff virtually all of the long term debt and pension obligations which would have saved Nortel as a Carrier based company. As mentioned in a previous post yesterday, it seems that the board and executives were hell bent to be a broad based provider in both Carrier and Enterprise which is a key part of their failure today.

Not so! PEC and Tasman happened before Riedel's arrival. My take on Tasman’s deal – it was done even before Z joined but was announced at about the same time and he had to honor it. Both Pingtel and Diamondware were driven by Mr. Hyperconnectivity (for his pet virtual crap project). Riedel was dismissed by Z shortly after Riedel joined but they were both stuck in a bad marriage and stayed together to safe face. I would have left when Z saw himself as a strategist (all megalomaniacs think they are talented strategists)…--bb

"In hindsight, it is really too bad that they were unwilling to sell Enterprise during a similar time frame as the Avaya deal. They could have netted enough funds to payoff virtually all of the long term debt and pension obligations which would have saved Nortel as a Carrier based company".

Presumably, at around the time Lucent sold off their enterprise division to create Avaya, Nortel's Enterprise division would have fetched much the same amount. Too bad Nortel was hell bent on being all things from soup to nuts.

Not Nortel, but Z wanted to be 'all things'...--bb

with that being said-sometimes a man's strength is knowing his weaknesses.

in "hissight" rather than hindsight is more appropriate for application of said examples.

That's the diference between men and boys; men know their weaknesses..--bb

Do you see The psychiatrist
If Bob Verdun was not ignored in Canada there would be no fraud in 2004 and you would not lose your money betting on Mike Z and NT
Who is Bob Verdun ?
http://messages.yahoo.com/Recreation_%26_Sports/Travel/mes
sagesview?bn=1600417561&vmode=1

link fixed
http://tinyurl.com/medrzg

Talented, yes! but I do question his principles. I would have left long ago...--bb

I just want to hear the news about the sale of enterprise data...

No one will buy the data switches portion of Enterprise ..they are old and rusty boxes (remember BayStacks ?) except the ERS 86xx...now that Hackney has extended the lifetime warranty to them, I'm sure the new ower would not like to be saddled by this responsibility.

I don't agree that BayStacks are rusty. Here is what I found:
http://www.tmcnet.com/news/2009/03/12/4051798.htm
Some BayStacks are there and well appreciated in 2008.

So are you speaking from vast experience, or just blowing smoke?4500 and 5500 are far from "rusty". Sure you just haven't had too much Cisco koolaid? It kinda goes to your head.

I did find the lifetime warranty amusing under the circumstances. It begs the question of "whose lifetime?"

Corrected quote:

“"we love your technology, but we are concerned about the tools running the company." Unfortunately for us, we've under invested in our strengths, we've done nothing to forge a credible business strategy, and we've driven away almost all of the real talent”

Sympathy does not make up for error.

They think of the employees every day, employees who fueled innovation they thwarted only to loot the corpse into the close.

Deeply Saddened and hope for less regulation when more is in order when it comes to bonuses or trading losing options.

Corrected corrected quote: '...but we are concerned about the Fools running the company'...--bb

I liked "tools" better.

For those that actually read a few pages of the Stalking Horse Agreement (Docket #931). On the 3rd page of the main document it speaks to a Declaration of George Riedel attached as Exhibit B. Then in Exhibit B at the top of page 3 Riedel states:

"If I were called upon to testify, I could and would testify competently to the facts set forth herein."

Riedel also made the declaration under penalty of perjury under the laws of the United States.

Given this, it shouldn't surprise anyone that Riedel was called to testify this morning at this hearing.

The results of the hearing will be interesting as they could directly impact any future Stalking Horse Agreements. I doubt any new agreements will be filed with the courts until the judges rule on this matter.

Good point TIC. Some of the documents filed today are also interesting. Although they are tricky to understand, it appears that there is a large effort to disentangle the Cdn sub from the US sub. It looks like there was a financial settlement in the order of approx. $150M with a note that it was final. Other docs point to the separation as well. I wonder if this is all in preparation for CH7 - and an effort to keep US money in the US, and Cdn money in Canada. If that's the case, there's a lot more pain to come for Canadian employees (and ex-emps/ pensioners).

pls, provide the link to the doc?

EPIQ website. Mark has posted the link at the top of this page, left hand corner.

Go into DOCKETS and look at the dockets 990, 993, 994 (and others).

anybody willing to bet he will go back to Juniper. he is another McKinsey consultant. who believes them anymore. his fancy packages did not translate into implementation. a CON + INSULT from his minor appearance.