A Sad Day for Canada

Nortel has value, it can compete, but the people running the company want to see it die so they can profit.

When will governements stop such self serving CEOs !!!???

The government have more than shown how much they are unwilling to do at the federal, provincial and city levels.
Stop being an I believer with the gov't.
Get Even. Draw EI, Welfare, scam the system and tie up the courts with
criminal activity.

Sad day for Canada? Hardly. Canada is one of the architects of this day, not the victim. Canada had lots of opportunity to leverage it's position with EDC to effect change in the leadership of Nortel and the restructuring process but instead decided to just let Nortel perish at the hands of a leadership that it acknowledged was 'without a coherent plan'. Canada gets exactly what it deserves - elected lame-duck politicians who do nothing and Nortel employees who "believe" instead of protest.

Blame Canada!

The dirt now is coming out...It shows the level of stupidity this BoD and Z .
That's the reason Matlin Patterson was pissed at the low ball bid by NSN.
There will be a bid tomorrow I hope for the whole Nortel from these people with the condition that they remove the BoD, ELT and all the presidents.

And all the vice presidents too

RIM believes that the loss of Canadian ownership of Nortel's CDMA and Long Term Evolution Access businesses may significantly, adversely affect national interests, with potential national security implications, and that the Government of Canada should review the situation closely.

Surely Mikes not gambling on Canada stepping in, after all, and bailing Nortel out?

Can the genius who created the NT downfall videos please create another with the latest material baked in. It adds humor to this sadness and makes it a little easier

This sounds very very suspicious. Why would they not let RIM bid? This should be investigated.

You people need to pay more attention to detail.
This is a quote from the article " Based on its preliminary review, RIM would be prepared to pay in the range of US $1.1 billion, subject to due diligence and the entering into of appropriate ancillary agreements, for the CDMA and Long Term Evolution Access businesses and certain other Nortel assets"
Translation---->>>It could be argued RIM wanted to offer 1.1 billion for Wireless, Enterprise and MEN. You could understand the rejection. What are the "other Nortel Assets"?

Actually, your translation is completely wrong. As part of the "deal" Nortel attempted to impose unrealistic and unfair terms on the deal, but only with RIM. They said RIM could only bid if they DID NOT submit offers for other Nortel assets for a period of one year.

Richard Lowe must have a deal with Sue to get a gig at NSN. And maybe Mike Z will do some "business transformation" consulting for NSN through his buddies at McKinsey ... sounds like some sweetheart deals going on in the background, huh?

http://www.theglobeandmail.com/globe-investor/r...

>>RIM said it would be prepared to pay roughly $1.1-billion (U.S.) for the wireless business, based on its preliminary review.

Re-read what RIM is claiming:

"RIM sought to be qualified as a qualified bidder in Nortel's auction bidding process for the Wireless Business, but RIM was told it could be qualified only if it promised not to submit offers for other Nortel assets for a period of one year."

So they are saying they wanted to bid on CDMA+LTE, but were precluded because they would be forced to promise not to bid on other assets.

If RIM is serious about these claims they need to get their lawyers in front of the courts.

Were the conditions holding back RIM laid out in the court filed stalking horse agreement? If so, the courts approved them and there's probably not much to be done. If not, then RIM should appeal to the courts.

Mike Z has little understanding of the telecom market and Lowe is a wimp!

"Mike Z and Nortel laughed at the $11mio fine and casually threw it in RIM's face for good measure."

How can a court tell a bidder not to bid on other units? In that case how would MP have qualified to bid since they said outright that they want to bid for more than one Nortel asset.

MP had amendments made to the staking horse agreement to allow a restructuring bid. They are not making multiple bids for different parts of the company.

I agree this seems rather strange. The court approved agreement should dictate the terms for a qualified bidder. If Nortel is making this up then RIM should be able to point to the agreement and appeal to the court.

More on Mike and cronies not allowing RIM to bid 1.1B$ for CDMA/LTE. This is outrageous.

http://www.marketwire.com/press-release/Researc...

Something is going on ... Zudas, Richard and other "execs" must have a deal going with NSN, huh? Knowing that RIM, Avaya, MP, or any other strong winning team will can their worthless butts.

Well, RIM did steal Nortel's color, blue, in a cynical attempt to ride the coattails of the recognized leader in delivering communications capabilities that enhance the human experience, ignite and power global commerce, and secure and protect the nation's most critical information.

What the heck!!! Why did they prevent RIM from bidding???????

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http://www.google.com/hostednews/canadianpress/...
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Meanwhile, Research In Motion Ltd. (TSX:RIM) said Monday that it has effectively been prevented from submitting an offer for the Nortel wireless business because its desire to buy other Nortel assets as well.

"RIM sought to be qualified as a qualified bidder in Nortel's auction bidding process for the Wireless Business, but RIM was told it could be qualified only if it promised not to submit offers for other Nortel assets for a period of one year," the company said.

Based on a preliminary review, RIM said it would be prepared to pay in the range of US$1.1 billion for the CDMA and Long Term Evolution Access businesses and certain other Nortel assets.

Nokia Siemens has made a US$650 million offer for Nortel's wireless division.

The deadline for bidding submissions for the wireless division is Tuesday at 4 p.m. ET.

"RIM is extremely disappointed that Nortel's world leading technology, the development of which has been funded in part by Canadian taxpayers, seems destined to leave Canada and that Canada's own Export Development Corporation is preparing to help by lending $300 million to another bidder," RIM co-chief executive Jim Balsillie said in a statement.

No one can explain any of this other than pure malice on the part of the Nortel management and the BoD.

The creditors should be crying foul. So much for "maximizing the value" of the company!

You got her Jim.
Wheres harper, clement, mcguinea, manley.
Nowhere to be found.

Useless politicians. They will not take a stand.

Nortel

Oh Nortel, how you once were so great.
I just kept on believing but
you kept having to RESTATE.

For the analyst, Nortel was their top pick.
The stock just kept rising
and then it would split.

Roth bought companies, Nortel would never use.
Buying Nortel stock
meant you just couldn’t lose.

But did we know, that the future was cursed?
Nortel financed all their orders
then the tech bubble burst.

Those dot com’s never earned a dime,
Nortel stock price plunged
and investors all whined.

It will be okay, all the analysts said,
John Roth was CEO of the year
or haven’t you read?

Roth resigns with millions says he’s not well
So here comes Frank Dunn,
he has the same smell.

Dunn was the CFO, while Roth was the boss,
Roth & Dunn are mostly to blame
for the billions Nortel loss.


Slowly Nortel stock began an upward steady climb,
from sixty odd cents to
twelve bucks shy by a dime.

But haunts from the past they would await,
Dunn and his friends
are caught in “bonusgate”

They inflated the revenue from previous years,
Nortel was a laughing stock
amongst all of its peers.

Dunn and his friends, are fired with cause,
Now they all hide behind
Our lenient Canadian laws.

Millions of investors we’re all fed up.
but wait, in walks the Admiral
and another RESTATE.

He did not do much we all can agree,
He also left with millions
The Admiral just headed out to sea

But alas, the rumors could they be true?
Here comes our best CEO
What the rest couldn’t he will do.

He has a foreign name; it’s looking real sunny,
But Nortel must wait cause
Motorola wants lots of money.

So again Nortel pays millions, BOD says he will be great.
Meet Mike Zafirovski and by
the way another RESTATE.

We will do what is right, we will be squeaky clean,
I’ll hire the right people,
we will get real lean.

Mike it’s been over three years look what you.ve done
Nortel’s market cap is now
Is virtually next to none.



The stock is now worth ZERO cents
the pensioners wonder where
all of their money went.

To settle the lawsuits, you just printed more shares,
Mike you killed all the bulls,
In stormed all the bears.

You promised Nortel would again be great
Three to five years is what you
asked investors like me to wait

Throw in the reverse split, the layoffs and cuts
Nortel kept bleeding billions
But giving yourself that big raise took real guts

Analyst once screamed Nortel “it’s a good buy”
last one turn out the lights
After a hundred years of history sadly Nortel its good bye.

It really takes a buffoon
to rub salt in your wounds

What could have been RIM
will be much smaller than ZIM:
http://finance.yahoo.com/news/RIM-Prevented-fro...

Sad day for Canda ?????

Its sad day for ES employees , No body will sleep tonight.

From Z-mail and other GIS it is clear that Avaya will take only few employees may be 20-25%

Even for the ones that get transistioned to Avaya it will be just like working for Nortel again. Every quarter they will annouce layoffs as they discontinue product lines and transition customers over to their products.

The big benefit for empolyees who make to the other side is that serverance will get re-enstated.

Agree, it's not about Canada. Stakeholders, employees, customers are global. Let's move on, find new employment, and don't look back. Like nature, the strong survive and the weak get eaten.

The real LOSERS are Mike and Joel.

They are not the losers I think,they are the winners.They earned a huge fortune.

Losers with millions of dollars in thier pockets.

But LOSERS nonetheless ... rotten, soulless scumbags they are.

Don't ever forget about karma.. it is the one thing I have faith in.

timeout: double post.

It's a good day for closure and finally putting this Zombie in the ground. Nortel has been dying since 2001. The survivors have lived under constant threat of layoffs for 8 years now.

As far as results for Canada, the biggest share of Canadian employees have already been cut some time ago.

If MP wants to control all of Nortel, they will have to come up with ~2Billion to win all the auctions. I can't see them doing that and lets face it. If they did, they would be in a similarly bad position as Nortel a year ago. Nortel is declining as a company. Pumping in a little cash at this time won't be enough to save it. It would take a huge cash influx, brilliant leadership, brilliant plan, brilliant execution and still years to fix it. Ultimately it seems like too much of a crap shoot to risk Billions on for MP. But it should be an interesting week.

For the sake of all the employees that might be saved by the sales of Wireless/Enterprise/MEN/CVAS etc. to viable industry players, I hope MP just crawls back under their rock.

I am looking forward to finally removing the clouds of uncertainty one way or another (job with purchaser or finally cut as I don't know I am in scope).

if the price gets driven up good for creidtors bad for employees. they will take a smaller proportion of employees.

if nortel was viable as is, then why did it file for chapter 11. MP is not going to get a different result doing the same thing. is that not what einstein called stupid.

>>>I hope MP just crawls back under their rock.
Though I wish for this too, I dont think these vultures are gonna back off with out a tough fight.

>>If MP wants to control all of Nortel, they will have to come up with ~2Billion to win all the auctions
More like 2.5B to 3.0B since NSN, AVAYA have just stated their low ball bids and may have room to play. If MP can manage to find the $2.5B to $3.0B, then they would need another $1.5B in cash to keep the engines running. So the total is around $4.0B to $4.5B that they need to be ready to finance.

it is not map of nations anymore.It is map of trusts.The earth doesn't belong to humankind. :(

what you said was on my mind too. the future is scary. if you look at trade today, all the power is with big corporations. oil, minerals, telecom, arms (jets, tanks, ships), finance, debt, biotech, pharma. they are much more global now compared to government. they have a lot more money together than government.

future is corporations controlling the world. not government. that was how it was in the 16th / 17th century. companies had their own armies to establish trade, conquests. this will come full circle in a few years.

Pass the peyote.
Just tell me where to sign up if the big corporations are willing to pay
a six figure salary to "go to war for them" so to speak.

Sonus is a possible purchaser for CVAS.In a skip level,new CVAS director told that there were 6 bidders.

maybe. a sign will go up shortly SOLD SOLD SOLD

So CDMA/LTE and Enterprise have gone and it won't be long until MEN is sold. Has anyone any thoughts on CVAS?

Seems to have been forgotton by everyone, could Nortel still live on as a carrier VoIP company or could someone like Sonus be in the frame to purchase?

the fat lady just put in a low bid and is presently taking a crap. she will being to croon shortly. it will smell for much of canada.

you can keep dwelling on what is Canadian, whine about immigrants and complain. the world would just have moved on.

the US is much more multicultural with integrating people successfully. they do not dwell forever.

The fat lady isn’t singing yet...sale has not been decided.......
Any whoooo in a multicultural society what is Canadian? What is our culture, were is the family silver, why the nostalgia over Nortel? Why is this a sad day?

family silver has all been looted.