According to the Financial Times, Matlin Patterson is assembling a team of “telecommunications industry veterans” to advise them on how to put together its bid for Nortel.
In addition to Dion Joannou, who used to be president of Nortel’s North American operations, the FT said Matlin Patterson has recruited: - Richard Burns, the ex-president of AT&T’s wireless network; - Richard Piasentin, former group vice president of sales for Nortel; - Tony Pirih, former head of Nortel’s R&D operations, and - Chris Smith, former executive vice president in charge of Alltel’s network operations.
maybe this will scare off others. I think it will have that effect. nobody wants to get in a bidding war. but if it just wants to increase price, all it has to do is offer $750M for CDMA/LTE and watch Nokia's move.
Nokia would then beat it right. Wrong! I agree they will just let MP take the business and kill it buying it for half that 6 months down the road.
I would think everyone is waiting for Q2 results and they are going to be a bombshell. meaning more uncertainity + lower bids.
MP has no understanding of the Nortel business. The group of people they got to consult are not even qualified let alone know what is going on at Nortel internally.
So maybe good for Nortel and MP but bad for creditors.
What the hell does Nortel want. Its been 6 months for all units on the chopping block. Only one public bid so far. Its losing value with every passing day.
zeroman
there is nothing that can be done to save nortel. even if it were bought in whole, it has to be broken up to sell off pieces that do not add value.
the company historically only does 10 billion. cost structure is too high. no profit. it cannot survive. decisions should have been made 3 years ago but now its too late.
noone can do anything about all the debt it has accumalated. nortel is too complex to handle which is a bottomless pit no matter how much money gets sunk in.
yes4aapl
Wapuka1 Creditors are a bit surprised by Mike Z and BoD 's move=rebellion. They supposed to work in the best interest of creditors, make restructuring Plan, get creditors' acceptance and do the restructuring under Ch11. That's what it all was about, wasn't it? That's why courts gave Nortel more time to draw the Plan. and June 19 statement that Nortel entered into agreement with NSN and will sell all units one by one without Plan and without emerging from BK. That was surprise to all and stupid act in face of potential customers and other stakeholders. There was not much time left for MatPat but look, they've got many ex managers_insiders and are serious in their fight to squeeze much more than Mike Z would do by fireselling. Getting hot! btw NSN, Sue contradicted herself few times already. Who would believe NSN anyway? Oh, they have support of that guy, NTinfidel. He was ready to disclose important info for the bidding process. example who was on the campus, how the DD was done… and more. Who knows how much he knows, but it's not the reason to share such info publicly. I would suspect that he can be the one who signed his name too on that initial NSN deal at funny price…otherwise why would he deny freemarket open_fair bidding process?
Matlin Patterson Creates Advisory Board for Nortel Bid
According to the Financial Times, Matlin Patterson is assembling a team of “telecommunications industry veterans” to advise them on how to put together its bid for Nortel.
In addition to Dion Joannou, who used to be president of Nortel’s North American operations, the FT said Matlin Patterson has recruited:
- Richard Burns, the ex-president of AT&T’s wireless network;
- Richard Piasentin, former group vice president of sales for Nortel;
- Tony Pirih, former head of Nortel’s R&D operations, and
- Chris Smith, former executive vice president in charge of Alltel’s network operations.