Mike Z. Wants His Dough

By Mark Evans | Published: October 8, 2009

As Nortel continues to disappear, the stream of head-shaking news continues to emerge.

The latest development is ex-CEO Mike Zafirovski filing a $12.2 million claim with a U.S. Bankruptcy Court in the District of Delaware. In the claim, Mike Z. is asking for:

- 24 months of base salary worth $2.4-million
- $3.6-million in bonuses – the equivalent of two years of SUCCESS Incentive Award Plan payments at a target of 150% of base salary
- A pro-rata bonus for Q3 2009 of $200,543.38
- $50,000 for health, life, accidental death and dismemberment insurance benefits
- A lump sum present value of not less than $355,000/year as part of a single life annuity pension benefit (value to be determined by not less than $6-million)
- An undetermined amount related to indemnification and contribution in connect with class action lawsuit

In the claim, Zafirovski said the amount due and owing have to do with the terms and conditions of an employment contract effective Nov. 15, 2005.

More: When Zafirovski resigned in August, he received no severance, and became a creditor like thousands of other Nortel employees. As well, the Ottawa Citizen has a good story looking at the various claims filed by creditors against Nortel, including several senior executives still with the company.

This entry was posted in Executive Suite, Financials and tagged bankruptcy, Mike Zafirovski, Nortel. Bookmark the permalink. Post a comment or leave a trackback: Trackback URL.

GoProto

“most canucks dont have teeth or bite. pat them and they will be happy. kick them and they can only whine. then they come back for another patting.”
————————-
Sounds like the temperment of a Golden Retriever..
zeroman

nevertheless they still made the big bucks with tons of compensation to go.

this is US Capitalism at its very best.
less

i'll take two cents…
zeroman

exactly but the size of a chihuahua in the global environment.

did you see the bullishness out of china to buy out Volvo and Hummer.

canucks don't have the guts to prop up their economy like that. they can only hope uncle sam keeps propping them up.
less

Imagine Mike getting in car wreck, the ambulance arriving only after a $11 mio bank transfer, the medic sauntering around with a swagger of competence, spewing a bunch of arcane medical terms, emptying Mike's pockets of loot, telling him its to relieve pressure, that no coma was imminent, lastly giving him some used duct tape and encouraging him to step up and help fix himself.

Fade out the ambulance leaving the scene of the accident to save gas and Canada's ozone layer. Mike will get billed separately for that gas, of course.
kermit1

So, do you think, he (or maybe it's you) has the right to claim the money. As an investor I lost way more and can not get a penny back. Also, unlike Hackney and Zafirovski, I didn’t contribute to Nortel's downfall. Have a bit of decency and don't bag for pennies when you've made millions for a zero contribution.
FunkyBrewster

Ever notice how Mike Z. Looks like a Warlock?? Put some leather boots, straw-hat, and a broom on that Ugly Mug and watch him fly @ like the Blair Witch.
Lookahead

Ottawa Citizen is writing in English, not other language that you could not read.
Here the phrase cited from that article:

“Also putting in claims are several people still on the payroll, including Peter MacKinnon and Joel Hackney. Numerous other executives filed claims earlier for millions of dollars.”

So, from here, what you mean by “There is no mention of Hackney in the Ottawa Citizen article”? does you completely post false information or I?
Lookahead

This post is for TongueInCheek:

Ottawa Citizen is writing in English, not other language that you could not read.
Here the phrase cited from that article:

“Also putting in claims are several people still on the payroll, including Peter MacKinnon and Joel Hackney. Numerous other executives filed claims earlier for millions of dollars.”

So, from here, what you mean by “There is no mention of Hackney in the Ottawa Citizen article”? does you completely post false information or I?
http://nortelinsider.wordpress.com/ Desk Jockey

TongueInCheek again displays his arrogant discrediting tactics. After turning a blind eye to the many misdeeds done by management he attempts to nitpick minor mistakes by anyone who disagrees with him in an attempt to write off any valid points they have made.

This is how he turns a story about the corruption of Z demanding money from the company he destroyed into one about people posting “false information.”

Except this time he fails to come up with even a somewhat believable diversionary story. Good catch.
http://nortelinsider.wordpress.com/ Desk Jockey

The scam continues. As if getting KEIP wasn't enough, the same criminals who contributed to Nortel's downfall are now attempting to loot the corpse even more, searching for every penny their money grubbing hands can find. Something has to be done to prevent these sorts of people from profiting off of their misdeeds while others suffer from the very same actions.

It is true that greed knows no bounds.
presidentyomama

MikeZ was a loser while at Nortel and all remaining VP's fall into the same line… he was a jackass while @ Nortel (happy i am no longer work there at NO-TEL
pissedd

Mike Z can go an F*&K himself and his croneys as well.
These pieces of S(@T screwed good people and left them with nothing.
Now they have the hide to put their hand out (without conscience) for a payout.
You only get bonuses for good performance…..have a good long hard look at yourselves in the mirror and ask yourself if this is moral and right…
…..was your performance really that good? If f^#king over good people and kicking them in the ass on the way out door is moral and right….then the people you F^#Ked over should be the judge, jury and executioners on this…..not the courts…..you scumbags……
pissedd

Warlocks do magic don't they???????
Your right, this clown made a whole company and all it's people vanish without a trace……
pissedd

Actually Mike Z can't go F*^K himself…….he ain't that smart.
corriene

as a woman all i can say..size does matter and this clown has the tiniest penis !… come on people hurt him where it really matters! lol
nortelex

Not a surprise at all….

Nortel hasnt been a company for at least 10 yrs.

All the “leaders” are in it for themselves. Z is gone but still bunch of “leaders” remaining trying to milk the system as much as they can.

Corporate corruption at it's best. But that's the bad side of capitalism….There is no one owner to watch out for Nortel…the justice system is useless and Judge Gross is probably incompetent..
kermit1

Would you expect him to be different, TIC aka Bo Gowan is the Nortel's propaganda chief. He and the other morons have a vested interest in Nortel's outside perception so they can together finish raping the company.
http://nortelinsider.wordpress.com/ Desk Jockey

How strange that the one who accuses others of posting false information is himself the most prolific poster of false information.
kermit1

Well, he has to. He's the Gebbels of Nortel.
Heil Zafirovski.
rlsmeridian

What about all the awesome Nortel phones on desks that will no longer be there? Not only is this moron the one who is screwing people over with money, he is causing a major upset for not only large institutions such as universities that invested in Nortel products, but small ma and pa businesses that invested in Nortel equipment!
kermit1

I would encourage everybody to send the fu***n gipsy a postcard with the wishes below. His address is a public knowledge and can be found at the following link. http://chap11.epiqsystems.com/claimpdf/da6bebf7…
less

One mans 401k issue is anothers 2 years' pre-tax income…..
TongueInCheek

OK, so I made a mistake on the comment regarding mention of Hackney in the article. However, your comment of:

“Even Joel Hackney filed claims against Nortel for millions of dollars according to Ottawa Citizen:”

is clearly false given the actual court filings. Hackney DID NOT file claims for millions of dollars.
less

Lets wait until after he's – hopefully – fired from Nortel and see what he does, like, put the Nortel-issue pens he used back in Nortel's file cabinet… after refilling them with fresh ink.
Teleguy

LOL. Yes, Canada can look to the U.S. for business lessons. Lesson #1: Don't do business like the cross-eyed Americans who flushed their economy down the drain and then begged their Government for bailouts. You have mad business skillz. Ha. You have nothing to teach anyone in business dipshit.
GoProto

Less, what do you think this Ex-GEnius will do with all the Fluorescent Light bulbs that are left? Remove them and sell them on eBay??
less

“OK, so I made a mistake on the comment regarding mention of Hackney in the article” -TIC

“OK, so I made a mistake on the comment regarding that no Ch11 filing was imminent”- Mike Z
GoProto

“OK, so I made a mistake saying that I would reveal a re-structuring Plan in a couple of weeks” – Mike Z
GoProto

OK, so I made a mistake on the comment regarding mention of Hackney in the article
———————————
That's a pretty blatant mistake. i mean, there was no inference or nuance to be deciphered.. Did you just not read the entire thing? Doesn't seem like you TiC.
less

“OK, so I was off by some $3 billion” – Mike Z
less

But only after checking each bulbs' compliance to the highest Lean Six / GE manufacturing standards, all of which most wonderfully pioneered and enhanced under the guidance of the People's esteemed Leader and Mentor, Mike Z.

Also, coming from Nortel offices they use 30% less energy.
GoProto

“Ok, so Joel assaulted a young woman in the parking lot. We still stand behind him, and it's no problem whatsoever”- Mike Z
GoProto

“Also, coming from Nortel offices they use 30% less energy.”
—————————————
To be in compliance with the Managements 30% Brain Power
The psychiatrist

“OK,so I admit I'm a jacka Z”

yours untruly

Mike Z
wornoutnortelemployee

Sadly this only goes to prove that the old adage is still correct

There is no honour amongst thieves!!!
zeroman

“OK so I made a mistake lying on my qualifications that I am a successful CEO and can turn around Nortel in 3 years” – Mike Z
zeroman

They were smart enough to get the bailouts. How many of you dumb canucks could get a dime to save nortel?

Tech investments in the US are still at a decent level. Canada gets nothing. How many startups do you have sprouting up in Canada? All you have are jobs flipping burgers, walmart, construction and mechanics. Nice job addition but the low end at minimum wage.

I am bullish on China and India the way they are going after business. US will still survive. Canada will not. This time you will not even have the natural resources to protect you because everything is being bought out part and parcel.
less

dim watt bulbs….
less

Leo GetZ speaks:

http://www.youtube.com/watch?v=oy5TJ0s2HJs
GoProto

Perfect !! I was just waiting for that one Less..
As usual, you did not disappoint ! ;o)
GoProto

“Ok , so I made a mistake claiming I was a GEnius”, and when Motorola found out, they passed me over.. sniffle, sniffle ” : > {

~ Mike Z.
GoProto

Ok, so, one of my all time favorite movie scenes..

: > )))))
less

Theres also a vid that fits the headline

“Mike Z. Wants His Dough” to a – well… Z…

http://www.youtube.com/watch?v=khSIYmTzt6U
wasthere

These CEO's are paid like superstars. At least a star in sports, music or the film industry brings people to stadiums, music stores, arenas or theaters. They bring dollars to the bank for there employers. What does Roth, Dunn, Owens and Mr Z. did bring back to the shareholders( their employers) ?

Except for Roth who was lucky enough to be in place during the tech bubble but then disappeared as quick as he could after the meltdown, the other 3 did cost much more then they did bring to the mill !
tharang

This guys the great Z should be the last person to receive any penny, if anything at all from Nortel. He and his pals were the driving forces which drove Nortel future off the cliff, into oblivious. Thousands of Pensioneers and Long term disabled ex-Nortel employees and many times more countless faces futues is in the balance.

Now, this boneheads is trying to lick the last drop of blood of Nortel employees???
I do not think so for one, and again I am not the Bankruptcy Judge here. After all the judge okayed for the executes bonus plan.
whopperscan

Hilarious, isn't it? The gall of guys like Z and Owens, wanting millions in “pensions” for a few years of work (less for O), where their results were about as bad as could be imagined.
For Mike Z, they should counter-claim back the $9 million or so that he took from Motorola to NOT work for any competitor – when he broke his word (so easily) and went to Nortel – where the stupid inept board kindly paid it all back to him, plus “sign on bonus” (whatever that is – but remember the spin, this was all “quite normal” for recruiting CEO's they claimed).

Z is just putting in an ambit incredibly high claim, so the pennies to the dollar he might get at the end of all this add up higher. I just hope Karma really does exist, and hits him full on here… end of the queue until all pensioners and employees get covered first I say.
rickyjoe

In the days of the old west, they would have shown him the end of a rope for his behavior. He should vaporize into oblivion and not get a single penny. Thousands have lost millions due to him and his incompetent cronies. And they keep thinking they deserve more. These guys are so incompetent they can't even figure out they screwed it all up. Great job Z and company! Bunch of morons….should be thrown in prison with Madoff and the rest of the criminals.
Pingback: More on Mike Z.’s $12.2M Claim
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