Let the Nortel Garage Sale Begin!

By Mark Evans | Published: August 15, 2009

If there was any hope Nortel might re-emerge from bankruptcy protection as a smaller, more focused telecom equipment supplier (e.g. optical), it evaporated yesterday when an Ontario court expanded the responsibilities of Ernst & Young to include the sale of corporate assets.

As well, Nortel’s layer, Derrick Tay, told Ontario Superior Court Judge Geoffrey Morawetz the company has “no intention of replacing the CEO”, following Mike Zafirovski’s decision earlier this week to abandon ship in the coming months.

Tay said Nortel is “knee-deep in negotiations” regarding the sale of assets, and requires someone to administer the sales process.

For more, check out Bloomberg.

This entry was posted in General and tagged bankruptcy, ernst & young, Mike Zafirovski, Nortel. Bookmark the permalink. Post a comment or leave a trackback: Trackback URL.

Avaya_emp

Interesting comment. You are taking joy in the fact that someone may have lost her job ? Did you ever meet the person who came up with the idea. The woman who came up with this was just a rank and file designer. She came in and did her job like everyone else.

Everyone reacts differently to stressfull situations like the one we now find ourselves in at Nortel. Some people just complain, others focus on the hope of a positive outcome.

She was no more or less responsible for the situation that Nortel is in than anyone who is posting on this site. Just because she chose to express herself in a manner that you do not agree with is no reason to be happy if she was laid off !
zeroman

watch a movie Crossing Over. it shows the other side of a corrupt over the top with national security type of system.

khadr was born in Canada. plain, simple, clear cut Canadian. whether his origins are from another country it does not matter.

there are many Americans who are trying to get free Canadian healthcare. they are being helped by Canadians to forge documents. These Canadians are mostly from here locally not immigrants.

I have seen so many Canadians (in your words the priviliged ones) trying to buy cigarettes with fake ids. I have not seen too many immigrants do that.

In a way you have a point about getting the wrong people in. people who get here and commit crimes should be sent back first flight upon conviction. The system still has to be fair.
scalppeeler

Whether I am bitter or not has nothing to do with the facts and the truth. Fox News is a great source. They have the highest rated cable news network in america. The majority watch it. They blow away the competition like msnbc by a wide margin. Bill O'Reilly is fair and balanced and knows the score.
zeroman

also beg the question what were you doing so many times at the courthouse. sitting with your private lawyer
scalppeeler

Khadr is not Canadian. He like many others abuse the system and are canadians of convenience. His entire family should be deported and he should not be allowed back in here. . Khadrs terrorist family lives in toronto. They spew hatred and threaten the west and Canada, who never should have taken them in, on a daily basis. One of his terrorist brothers got his wheelchair and healthcare free courtesy of the canadian taxpayer.
zeroman

do the math with your numbers then. for every 4.5 engineers you have 1 manager. how many of those engineers are not team leads or architects or doing something other than coding. even if you take 20%, that makes it 1 manager for every 1.75 engineers.

hmmm I should try for Samih's job or maybe Z's. I am a numbers man.
scalppeeler

So you think a socialist system is Good.
That's not what canadian veterans died for and that is not
what I want my tax dollars supporting.
Liberals killed canada and mulroney didn't help.
Wrong about the wife thing. If you have a wife who has assets, you have assets. In my eyes and many others the woman from kenya is not canadian. You better smell the coffee. She was another canadian of convenience and teh CBC jumps all over it like it is the 2nd coming of christ. I don't plan on moving today anyway. But I do plan on and insist on getting the message out that we must change our laws and our system before it is too late. Simple as that. I've done more than tell my politician. Australia definitely has it right. Canada must fix its lax immigration system, and stop issuing refugee payouts and welfare to new immigrants. Welfare should only be granted if you have had a minimum five years continual employment in Canada. I don't care if it is Tim Hortons. And that should apply to all citizens.
biddut

CNN MSNBC FOXNEWS all are joke. They all make money out of giving stupid people old news and their view points. 204hours news outlet are nothing but joke.
zeroman

I don't know what era you are living in dude. or are you schizophrenic. a socialist system like Canada is exactly what Canadian war veterans fought and gave up their lives for. Otherwise there would be concentration camps all over the world blwoing smoke from body burning furnaces.

now not only did you insult immigrants and the system but also the very holy grail of Canada, its war veterans.

on sept 1 go to parliament hill and read each name lost in the wars.

I am not white but am goddamn proud of Canada because I was born here.
scalppeeler

I could perhaps understand it in Germany so far as the atonement policy is concerned. The guilt must be overwheliming even for current Generations far removed. And as your article says look how trying to do a nice thing turned into groups taking advantage of the situation. Just like it is in Canada today.
So again understanding why germany got in this mess, including the 2nd world war due to the allies enforcing the treaty of versailles makes some sense. But what is the excuse for Canada to be doing this and offering liberal asylum/refugee rights?
Trudeau?
The Liberal Party?
Guaranteed votes at election time?
Doesn't add up.
scalppeeler

Don't worry Dude I am doing my part.
It still is going my way for the most part and a power shift of the likes you are talking won't happen in my lifetime.
zeroman

born in Canada is Canadian. if that is not Canadian then you are not either. Canada does not hand down citizenship by heritage. it is by birth and naturalization.

wish you luck buddy. check into a mental asylum. please please. or move on. we can all contribute a $ for a free ticket to some small 10 x 10 island in the middle of nowhere.

you would have the once in a lifetime opportunity to create your own government, tax haven, immigration and health care system.

but then the hilarious thing is you need immigrants to come and do it for you. ha ha ha
scalppeeler

Not as long as I'm around.
Yer still losing.
scalppeeler

We'll see who gets the last laugh Elmer.
biddut

I am sorry to hear that you will not live long. Take care. LOL.
biddut

I am not worried about you man. LOL. You are nobody. LOL.
scalppeeler

Have you ever fought in the military.
Have you worn the maple leaf.
Have you ever talked to a veteran.
Do you know what Canadian soldiers even fought for. It was first and foremost for Britain until Canada gained its identity in the 1st world war and after. You are clueless, like so many other young people today.
I'd be proud of a place too that I could take advantage of and set the rules I want to set. Canada has zero culture and no identity. You know what it means to be a Canadian this day and age. It means you can flourish and thrive with the cultures, traditions and customs from the country you left and see them flourish in Canada, at the expense of the Canadian equivalents. Canada, the land with no identity.
Tim Hortons, Beer, Hockey and Great Soldiers.
But the list gets smaller every generation.
freqmgr

Not surprised that E&Y said that….or maybe it is surprising that they were honest about the pre-planned liquidation of Nortel. In the wireless world business development stopped sometime in 2008. Certainly by Q4 it was dead but looking back it would seem to have been effectively stopped much earlier. If there was an intention to “save” Nortel business development would have had to be a critical piece of that. It will not surprise me to learn that when E&Y started being paid back in September that they already had their instructions to sell off Nortel's businesses.
zeroman

sure daffy.
zeroman

I can see you go do something stupid,end up in jail, get divorced, lose everything you have and then apply for free legal aid.

ha ha ha oh the irony.
Asset_Number_XXX

I consider her behavior way more tasteless than MC's joke. Her unfortunate “reaction to a stressful situation” added to my and my friends' stress.

You seem annoyed with the way MC's “expressed” himself and I can understand that. In return, I ask you to understand how much her way of “expressing” herself insulted me and my coworkers.

I don't see how it is ok for her to publicly express herself in a way that's hurtful to so many of her coworkers but it's not ok for MC to express himself (on a much more limited forum) in a less delicate manner.
NortelEmp

Some people look into the future and see where they are headed. Others look into the future and see fear. Boo!
Moose_Chaser

Aren't you late for the NDP Convention ?

MC
uman

I agree. The whole “I believe” nonsense that went on especially the day CCAA was files was very distasteful. Felt like puking watching clueless people go up to the mike and make stupid remarks about how they believe in Nortel.
Moose_Chaser

You guys all missed what I was laughing at.

It was a word-play on “I Believe” – I don't wish anyone any ill and I certainly do not take glee in someone losing his/her job.

Relax ! I know we are all stressed…but…

MC
kick_the_can

What about the retention bonuses to the execs ? The million authorized by the court was in the spirit of keeping “key people” for a new company to emerge…

Once again, we can see that this was carefully planned to provide compensation to the boy's club with no real intention to emerge from creditor's protection.

Does this constitute some form of “misleading the court” ? Ethically speaking, all that money should be returned now that it is clear there will be no Nortel left… but who am I kidding here ?
forgive

When will Nortel furniture sale begin? There are quite some $1000+ worth chairs in decent shape.
smokeemout

Here is a new poll. It seems much of the company are guarrenteed to go to someone. Their remains a couple divisions without a stalking hordse (yet): MEN, CVAS, for example.

Is it time to take a pulse and determine just how fair or unfair the posters have been during this process? How would rate the commentary ont his blog?
Vote here. please keep it clean, they results have been informative to many, this one will stir the pot a little…

http://www.learnmyself.com/poll16283x1c9541E5

PS> this is a chance for the average lurker to weigh in without being impuned by the posters or risking their job if they still remain by posting to a blog…that can be viewed differently depending upon who reads the comments.
Asset_Number_XXX

Actually I am very relaxed. Your joke is funny and I'm not at all PC-BS. If all humor were nicey-nicey I'd be bored to death.
Avaya-guy got all PC on you and his argument is strangely hypocritical. It is this hypocrisy that I pointed out.

Anyway, he made me remember the surreal day of “I believe” mini-speeches. It still bugs me. I have no sympathy for that girl but I know that nobody wishes her ill.
She did ruin that Christmas movie for me though . I watch it every year. Since childhood. I'll skip this year.
put_em_in_jail

I agree, how can the courts continue to support this criminal misleading of the court…so much for all those ethics forms and policies Mike Z made everyone sign….
less

So, uh, who ultimately made her lose her job, the non-Believers or the crumbs she faithfully supported?

What I would hope is that she and her 1,852 documented fellow Believers could now answer that question without further marshmallow-padded bias.

“Trust, but verify”

And the next time she feels her life getting only z-mails, I would hope she'd address the source of the problem directly, instead of merely making a larger banner, with more colors, hire some jugglers, hang some bunting and invite friends and coworkers over to raise her spirits for 12-18 hours.

It would be a step in a better direction if she emulated Cindy Sheehan and took to following Z around wherever he holds his head high, calling out “Hang 'im high! Trust but verfiy!”
put_em_in_jail

I agree…that whole “I believe” crap was a slap in the face of those that were promised severance and pensions only to have Nortel re-nege on what they promised in writing….instead the workers should have stood up for themselves and at least held a 1 day strike like some of the others around the world…instead, they “support” a bunch of unethical criminals….really makes me sick.
zeroman

it will go to liquidation not employees or mass market.
exnt_x_2

Learn to hunt and trap. Basic bush survival skills. There's millions of square miles of bush north of here.
zeroman

it would seem the only person trashing Canada on this blog is an old duffer like you.

most of us enjoy Tim's, Beer (Canadian that too), Hockey. There are a lot of people who come here to work and they join in to experience what is Canadian.
exnt_x_2

I'm so confused.
MISA27

This is a good suggestion. I stop attending long time ago.
Friend007

Sick humor, I guess.
less

test
4merEmployee22

A good question to ask now is…..

Who keeps on requesting for the extension of stay in the Bankruptcy Process???
Was it:
1. NORTEL NETWORKS or
2. The MONITOR E & Y Inc.

Dont' forget that one of the BOD's , who stayed, used to be an employee of E & Y
Inc. he he he! Am just curious?

WHY WASN”T THE LAWYERS FROM E & Y Inc. INVITED too IN OTTAWA TO
EXPLAIN TO THE FEDERAL GOV'T. FINANCIAL COMMITTE (Canada) WHAT WAS GOING ON???
SINCE THEY WERE “THE MONITOR”?
If you read their Report. There's too much legal 'lingo' for an ordinary employee or
ex-employee can digest to understand!
Legally, they awarded bonuses! Legally, they ignored the severance payments
and other funds to retirees!!!
What else can I say? What could we call these SCHEME?
4merEmployee22

Could these BONUSES be rescinded by the Bankruptcy Courts????????
I wonder?
TongueInCheek

There is a very important legislation difference between Canada and the United States that is the root cause for the Canadian extensions.

In Chapter-11, there is no such thing as an extension. The Stay is granted from Day #1 of Chapter-11, throughout the entire Chapter-11 proceedings without any requirement to request any form of Stay Extension through the courts.

In CCAA, the Stay is granted for a fixed period of time, most often in 90 day increments. As a result, Stay Extensions are a normal course of action and are considered procedural, especially when you have multi-national companies with Bankruptcy Protection filings in multiple jurisdictions. This allows consistency across the various jurisdictions.
4merEmployee22

Who are we going to SUE now if the company is liquidated when the
Bankruptcy Protection expires???
Right now, I guessed it wont be allowed?
Could we go after the former Exec's and BoD's who recently resigned?
less

LOL
less

ZOh, heres where I copied my crazy rightwingernut rant from:

http://countrystudies.us/germany/

And now, back to Nortel. Hopefully. LOL
less

Take the new Nortel ATCA (Motorola, innit?) for a test drive today
less

I dunno, PETA and Al Gore are bound to get on my case if I wear fur and light a fire to cook Bambi meat.
happyfeets

What new poll? And what does this poll have to do with selling anything (above)?

How are these results “informative to many” with restricted questions? What sore loser formulated these questions?

It sounds like some one is bitter to dedicate this much energy just to discredit the good prophets than give them credit, even referring to the posters themselves.
“Too hard on Nortel”, “long winded posts” .. real “informative to many”…sure…

And why are you hiding this is your poll?

You are venting in the wrong direction to discredit informative AAN to this resentful poll that is not “informative to many” at all, this is the first lie to paint as false stage before presentation yet again.

A similar poll should be conducted instead for the misleading fabrication and happy talk over the years to see how many think your poll is bias and useless than “informative to many”

Look how you have patronized to silence critics then attack with false fabrications when your totalitarian ploys fail,.like accusing ANN of being revenues driven, etc., sounds like a spoiled bully to me …and utterly challenged.

“Stir” your own BS pot and leave the good proven posters alone. Rather than thank the proven insight and informative warnings, you criticize trying to steal credit to provide “informative to many” when always wrong to all. Ignorance breeds contempt or what.

Lies, totalitarian propaganda, and lame ploys are foreign to the good posters warnings over the years, let alone today where we warn against such challenged attacks to discredit proven commentary.

How utterly challenged to insult readers as blind not to see who has been consistently right over the years and “informative to many” than this lame poll trying to steal the credibility spotlight in retribution. How challenged or what, even when its over. What a sore loser.
happyfeets

how “informative to many” hahaha
who cares…everyone knows their is a conflict of interest with this E&Y monitor that fills their roll to liquidate as they bounce

since when has Nortel or its cheerleaders conducted themselves in an ethical manner from downplaying insolvency to restricting small guys severances to appease big creditors

the red tape means nothing… extensions til the cows come home and damned if the courts could do a thing than jump for joy should anything be sold
happyfeets

A $500 depreciated asset sold for $25 and creditors get a fraction of this 25

they have a funny way of listing assets to what they are really worth

Mike Z and Binning are being sued for misleading and listing their largest asset as a tax credit for so many years, something the long winded “informative to many” poster has bellyached about for years before this recent lawsuit

heh heh gotta love TongeInCheeks, the god of Nortel's analingus, today as he explains what delays means with his traditional artsy flair after so many totalitarian attacks, no fraud, no bankruptcy, HP will buy it, Mark is in for the ads, silence those critics, here is a poll to prove it… heh…still compulsively fixated to generate credibility at any cost as Nortel burns

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