Strike in France Grows; German Layoffs

By Mark Evans | Published: July 9, 2009

More than 300 Nortel employees in France are now on strike

In a letter written to the media, a group representing the workers said:

“We have contributed to the wealth of the group whilst being subjected to relocation and collective redundancies; now the anger and exasperation forces us to go on strike to defend our rights at work,” the group wrote in a letter published by various media outlets. “Conscious that the economic climate is unprecedented, we demand financial compensation and reclassification measures to help the families concerned to survive this difficult period which is looming.”

In Germany, meanwhile, there are reports that employees in Germany are being laid off under the watch of Ernst & Young.


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  • protosphere

    Manley's Law firm defending Dunn sounds like another punch line although the upcoming fraud trials may expose another Enron, Worldcom, Bre-X. etc., where they lied about money too.

    I also wonder what ever happened to derivative class action launched because Nortel would not chase past officers even after repeated requests. They are attracting lawsuits like flies even after the fraud so something still stinks there. Hard to find or not, they seem to defend after fixing to keep even the fraud bonuses at kangaroo AGM.

  • protosphere

    That was entrapment by a zealous bagholder in a kangaroo court I fear, nothing like Nortel with bells on or Manley's adgate with friends at less regulated regulating authorities =)

  • reasonreality

    I actually don't byy into any of that nationalistic stereotypying; however, it looked to me that the Cowboy reference was in response to the “climb off the saddle” vs an assumption that the blogger was from Texas (or somewhere similar). Mea culp. Having said that, I don't think you will find any French person claiming they are almighty… They are simply exercising their rites as employees in France and attempting to get was is owed to them. Lucky for them (and unlucky for most), employees are high priority creditors/people in France and they are not in other countries. In the same way Nortel is bending over backwards for the credit commitee in the US, the compnay/administrators must do the same for employees in France. So these people are not looking for some special treatment, they are just looking for what is just. Time will tell.

  • NTblinker

    GM, which entered court protection on June 1 with $176.4 billion in global liabilities, will exit with about $48.4 billion, Judge Gerber said this week.

    if they did, we can also do…

  • FraudEqualsJAIL

    I just know that the wheel of justice in Canada turns slowly
    ====

    What justice ???

  • Moose_Chaser

    After you, Pocahontus.

  • NortelEmp

    ” How the heck did they, and do they, get away with it is beyond me…”

    beyond me too – astounding

  • How_long

    Where did GM's debts go? I like this idea of losing debts. My credit card company doesn't take the same line with me that this judge took with GM. The big guys always win.

  • Wapuka1

    Unfortunately Proto, you were correct in your postings about Nortel. Some folks used to complain about your 'ranting' but your 'ranting' turned out to be reality. For the past 4 years, Nortel's management 'managed' to enage in deceptive business practices and practice dysfuntional management methods at the same time. And the results are bankruptcy and dismemberment.

    Too bad some of your critics did not listen to you. It would have saved them a lot grieve and financial loss.

  • yes4aapl

    At some point opponents of Proto collected 255 signatures to make him look sick.
    Nortel proved them wrong.
    They rejected critics and critical thinking for their own reasons.
    Their aggression was boiling to the point of life threats.
    We the critics of NT stock did our DD just to avoid new Nortel's Mike's Z deceptions.
    Lies, misinformation, propaganda, ignoring own shareholders and public in general… that's what Nortel was good about.
    Rejecting facts, red flags and proper speculation that what pumpers of NT stock were good about.
    Most of the pumpers apologized for their rude behavior including ThePsychiatrist but one example is still very active to blame victims of Nortel.
    TongueInCheek
    His posts are here and you exposed his false claims yesterday about CSCO
    http://disqus.com/people/TongueInCheek/#main

  • less

    Like – this means the French are to blame for the US' global warming?

  • exnt_x_2

    What do you know about losing someone close to you to suicide?

    About 95% of suicides are due to or associated with mental illness. It's literature.

    And ntlifer, I'm so sorry about his death. And I'm so sorry for his family.

  • TongueInCheek

    Let's review the facts for a moment here.

    YOU called into question if it was legal for Nortel to file certain financials that are non-GAAP.

    I called into question what that would be so wrong for Nortel, when Cisco does the exact same thing.

    Go read the Cisco Q3-2009 Income Statement where it is reported in non-GAAP, with a specific statement about it being non-GAAP. Then they do a GAAP reconciliation. That is exactly how the process works and it is used by both Nortel and Cisco and likely many other companies.

    Instead of offering a clear answer to my very simple question, you created a bunch of deflective responses, which is typical for what you do.

    I have no issue with Cisco. They are an excellent company with a solid business strategy. I give them credit for that.

  • yes4aapl

    Go read the Cisco Q3-2009 Income Statement where it is reported in non-GAAP,
    —–
    re
    As per Cisco's reported 3rd Quarter numbers, Cisco used GAAP. As per GAAP, Cisco had $1.3488B net income from continuous operations. Cisco did not have any non-reoccuring events (like discontinued operations or accounting changes) so that its GAAP net income was $1.348B.

  • TongueInCheek

    Direct quote from Cisco's Q3 Income Statement as I have mentioned:

    “Cisco's non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, the above non-GAAP Consolidated Statements of Operations are not based on a comprehensive set of accounting rules or principles.”

    That's why you see them posting both GAAP and non-GAAP Income statement results.

    It took less than 5 minutes of very basic research to find Cisco statements on GAAP/non-GAAP and Nortel statements on Management Operating Margins, GAAP and non-GAAP reporting. The non-GAAP reporting statements by both Cisco and Nortel are extremely similar, showing they are both doing the same things.

    This research was so easy that a 12 year old could do it. If you're not willing or capable to do basic 12-year old quality research before posting your BS, then you own that responsibility.

    Case closed, point proven, there is no illegal activity by Nortel for reporting non-GAAP as you attempted to suggest. That and only that is the key point here.

  • TongueInCheek

    Let's review the facts for a moment here.

    YOU called into question if it was legal for Nortel to file certain financials that are non-GAAP.

    I called into question why that would be so wrong for Nortel, when Cisco does the exact same thing.

    Go read the Cisco Q3-2009 Income Statement where it is reported in non-GAAP, with a specific statement about it being non-GAAP. Then they do a GAAP reconciliation. That is exactly how the process works and it is used by both Nortel and Cisco and likely many other companies.

    Instead of offering a clear answer to my very simple question, you created a bunch of deflective responses, which is typical for what you do.

    I have no issue with Cisco. They are an excellent company with a solid business strategy. I give them credit for that.

  • yes4aapl

    Go read the Cisco Q3-2009 Income Statement where it is reported in non-GAAP,
    —–
    re
    As per Cisco's reported 3rd Quarter numbers, Cisco used GAAP. As per GAAP, Cisco had $1.3488B net income from continuous operations. Cisco did not have any non-reoccuring events (like discontinued operations or accounting changes) so that its GAAP net income was $1.348B.

  • TongueInCheek

    Direct quote from Cisco's Q3 Income Statement as I have mentioned:

    “Cisco's non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, the above non-GAAP Consolidated Statements of Operations are not based on a comprehensive set of accounting rules or principles.”

    That's why you see them posting both GAAP and non-GAAP Income statement results.

    It took less than 5 minutes of very basic research to find Cisco statements on GAAP/non-GAAP and Nortel statements on Management Operating Margins, GAAP and non-GAAP reporting. The non-GAAP reporting statements by both Cisco and Nortel are extremely similar, showing they are both doing the same things.

    This research was so easy that a 12 year old could do it. If you're not willing or capable to do basic 12-year old quality research before posting your BS, then you own that responsibility.

    Case closed, point proven, there is no illegal activity by Nortel for reporting non-GAAP as you attempted to suggest. That and only that is the key point here.

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