Nortel Quote of the Day

Caring politicos will ask themselves: How many votes might speaking for a few old Nortel dinos garner?

True, although I think this may become more of a nation-wide issue than just a Nortel one. I suspect there are a lot of DB plans out there that are seriously under water.

As noted below, the reality is that in Canada today, this won't get the attention of the voters, which is just sad.

?
Thats not what the global village abroad says about pensions; ditto free and universal health care.

…Yes, we did.

Both are misguided. If your willing to give up your liberty and freedom, I suppose anything is possible but as we all know, there are no things in life that come free without consequences.

In Canada, when you are part of a Pension Plan, it severly limits your RRSP (cnadian retirement savings plan) contribution ability. These people were put in a position were there long term saving ability was more limited than those without a Pension plan, and now have no way to recoup the lost investment years.
Would they have invested? Maybe. Could they have invested in other things? Possibly, investment options were not the same 25 years ago as they are today.
I do hope there is some sort of resolution, Nortel's situation is symptomatic of many companies underfunded persions in Canada today. The alternative is that the govt will be supporting these people through OAS or some other means

there were many who believed the 'good buy at this price' stories from Roth, Owens and Z. so their investment plans almost went to zero.

I would think Z can be sued for making those statements of buying stock in the teens when all the time business was tanking.

Pensioners will not get much from billboards and talking. Legal action is the only tactic.

the pension funds are like a ponzi scheme since deductions from new employees are used to pay off retired ones because the funds were not being funded and were losing money. this will not change so pretty much stuck at 60%. Gov sees it as a huge liability so they will not do anything.

I agree Z should be sued for comments. Not only causing some to buy Nortel but others continuing to hold shares based on his 'rose colored glasses” comments.

NORTEL CALA TELEPHONE NUMBER 954-851-8000 HAS BEEN DISCONNECTED….have not been able to get thru all day today ….can anyone associated with CALA comment on this communication problem today?

Apology for not finding a more suitable forum for the above.

They will have to make some noise. I'm no big fan of demos and rallies, but the boomers need to stay in the leaders faces and voice their displeasure, continuously. “Sounds like Z to me, chum”

My best guess is another bad Ethernet port on one of those blasted Cisco routers infesting too many of Nortels LAN islands, as always.

Business made simple, so simple you can find these numbers in the dark!

Another Richardson switchboard is 972-684-1000

Nortel would've called you back with an explanation recognized globally as the one leading any such explanations.

most canadians are meek. they would likely say sorry I bought nortel stock. sorry I went with the pension plan. sorry but just give me back what you can.

put harper ignatieff, mcguilty on the spot. dont give them the spotlight to get cheap brownie points for just showing up.

(Some dude named) Layton speaks out:

http://www.theglobeandmail.com/news/politics/nd…

Mr. Layton called for the Conservative government to double the Canada Pension Plan benefit to $1817 a month from $908, which several seniors' groups have been lobbying for in recent years.

The proposals come one day after retired employees of the bankrupt telecom giant Nortel held a demonstration on Parliament Hill.

NORTEL is mentioned; Canada's recognized global leader in bankruptcy.

Employees are currently last in line as Nortel sells its assets.

They are calling for the government to intervene and reform the Bankruptcy Act, allowing them to become secured creditors. That would make them eligible for payment ahead of others who are owed money.

The federal government has so far rejected the plea, saying that Nortel's pension plan is provincially-regulated and it's up to the Ontario government to take action.

Industry Minister Tony Clement pointed to Quebec, which has offered to manage the Nortel pension plan for members there until asset values rebound.

Liberal Leader Michael Ignatieff told demonstrators he supports amending the Bankruptcy Act so the pensioners can get what is owing to them.

I'd take a job here in the US demo-ing the R&D labs…

Ch.11 bankruptcy has become a cheap out for dirty executives to loot the corpse of the very company they destroyed. No where else is this more evident than with Nortel.

Witness the corrupt actions of one Richard Lowe who withdrew $1.7 million from the deferred compensation fund two months before Ch.11 and the subsequent freeze of those assets under bankruptcy laws. Other workers who didn't have inside information were denied access to the deferred compensation fund after Ch.11.

Why would Lowe suddenly decide to withdraw so much money from the fund and take a huge income tax hit only mere weeks before Ch.11? These are the questions that need to be answered.

Even more outrageous is the fact that Lowe is likely one of the benefits of a million dollar KEIP bonus, obtained after Ch.11 while others were being denied severance, having their pensions slashed and LTD put at risk.

And yet Lowe still has the guts to say Nortel still owes him nearly $700K:
http://www.von.com/news/nortel-wireless-prez-sa…

It is true that greed knows no bounds, and it is sad to see so many suffer because of it.

Im just gonna say what a lot of people feel ( but are afraid to say) about Lowe, Z, Hackey and the rest of these crooks and evil SOBs…I wonder why anyone hasn't threatened these guys yet….are they so above the law and everything else….They walk around without a care or fear in the world and even flaunt their greed by going to the courts for more while the stressed LTD people try and figure out if they will have enough money for cancer medication….when are these folks going to get justice? I remember when people picketed the home of the AIG crooks in the US…just to scare the crap out of them a bit…….anyone know where these guys live??

“Nortel lied to analysts many times.”

Insider only CFOs please…before Binning (the bankruptcy pro with Marconni), for all they didn't know they would fold earlier as they pleaing clueless in common defense, always missing red flags.

Ironically after the largest fraud settlement in Canada, under ultimatum, where they refused to negotiate exorbitant pay practices, and which they tanked anyways with further downplayed revisions by a CEO who defrauded his past employer on several written occasions from day one, all they could come up with was charging Binning and Mike Z with misleading, by leaving largest asset as a tax credit on books they sought to clean for so long… they even had to force CEO to attend government inquiry by subpoena.

“Nortel used their disclaimer as the self proclaimed right to lie.”
Under the protection of “Safe Harbor” too as they delayed repair of books so long their pals at the SEC stepped in, before going under bankruptcy protection. Always protected, even OSC fines them nothing. Open season on investor with OSC farce who's head gets paid a multiple of SEC's to do less. Honest lawyers at corrupt OSC lose careers!

Recently 2 year penalty laws heralded as a breakthrough in Canadian law when they can walk after 4 months for stealing over a million dollars. That is a lot of money a week rewarded to crooks to go to jail.

ex_nortel_engineer asks:

“are they so above the law and everything else.”
Powerful lawyers, circumventing loopholes, plea bargains, ultimatums… beyond belief, liberties extended to be seen…might make one think so

“when are these folks going to get justice?”
Fraud trials loom on both sides of the border for few older fall guys at crime scene, another handful or 2 were charged only after formal RCMP probe a few years ago but not before, ex-board member Manley's law firm defends Frank Dunn, hyping exoneration as much as Nortel hyped 3 to 5 year turnaround, $20 buying opportunity, with astounding actions like promoting than firing criminally charged pal after CEO defrauds from day one or getting bonuses approved after bankruptcy to denying they knew… always denying they know…after one lie led to so many more to pay a premium for a new fall guy not at the crime scene after a high profile board member tries to diffuse one of the largest frauds on earth, perhaps the largest with this level of mass orchestration for fraud bonuses, ones they even fought to keep at a kangaroo AGM

Increased lawsuit insurance premiums recently to $300M that get paid first like their legal fees and ironically trading losing options for for cash yet again, remaining few board members geting a raise… as we hear they can do whatever they want in commentary following Hackney's road rage incident.

Enough legal power by our some of our most respected members of society to rewrite the laws of physics. Who will challenge them? The public purse? This isn't the USA, unfortunately.

________________________________________________________________

Pensions is only the tip of the iceberg…. there are also severances… as defrauded shareholders suffer like Enron's surprise… Nortel disappears now for all the good ultimatums and sweeping all sins under the rug did them…

MANY LAWS NEED CHANGING IN CANADA! …or wait until the next fraud privy to Canadian companies… Ebbers and Skilling got 24 and 25 years… Mike Z gets nothing but charged so far, Dunn will be unlucky to see 7 yrs. walking in only a few at worse, as shareholders and employees chronically suffer the rest of their days for what far from destitue powerful pigs at the trough did…because they could for all the deterent shame provides.

Our government's hands are tied by law. Nortel exploited and exploits these laws.
Laws that are difficult to change as to how they might effect other honest companies yet Nortel's powerful lawyers prey on these very confines from printing paper to neglecting severances to paying bonuses and even ultimatum settlements they tank, promoting pals over veterans, endless tyranny on steroids.

A will strong enough that dragged these flamboyant tyrants to a government inquiry that was as fruitless as the initial Eichmann trials… missing the endless details and meat of the matter!

Until the U.S. Department of Justice moves on this, expect nothing, they are the ONLY one who know what to ask and look for… ONLY ones….bar none!

Now what are they prepared to do as Al Copone movie said… leave it to our stronger and braver big brother that Greenspan doesn't like with harsher laws?
=====
re
Al Capone, Enron and others are small in comparison to Nortel's Frauds.
Nortel was the biggest fraud ever and I stand behind that assumption based on years of observations.
10 mill investors lost their savings, $400 bill stock ballooned and disappeared in somebody pockets.
Who benefited the most from Nortel's saga_fraud?
My dilemma is,
Will Canada do something about that?
Will Canada prepare better future for my children?
Why public servants do not serve public first?

Theres not enough money for cancer medication to go around @ $400 per week unemployment benefits, ending @ $10k after ca. 6 months. Thats about all 10 years @ Nortel gave some folks in pocket change.
This makes a $30k persion sound downright generous, and those countless $mil exec severances downright ridiculous.

I haven't heard anything with regards to the status or timeline of layoffs for CALA, but at the time of the Sunrise site closure, there were still a significant number of employees associated with the site. (A lot more than a few dozen, for sure.)