In a small step forward towards the end of Nortel, Hitachi has acquired some of Nortel’s next-generation packet core network components for $10-million.
In a press release, Nortel said the deal includes certain wireless data-transfer software, some equipment and a non-exclusive license of some patents and other intellectual property, which Nortel didn’t specify. It does not include legacy packet core components for Nortel’s UMTS and GSM businesses.
Just to rub it in, Nortel added that:
As previously announced, Nortel does not expect that the Company’s common shareholders or the NNL preferred shareholders will receive any value from the creditor protection proceedings and expects that the proceedings will result in the cancellation of these equity interests
Well I guess this is an appetizer before GSM and MEN gets on the sale block in 2 weeks.
bankrupt_bob
Why is it that the &@$+@^&$ that ran this company into the ground don't have to give up the money they made doing it?
AnotherSlave
Made or stole.
RedFlag
“As previously announced, Nortel does not expect that the Company’s common shareholders or the NNL preferred shareholders will receive any value from the creditor protection proceedings and expects that the proceedings will result in the cancellation of these equity interests”
I THINK THEY'RE TELLING THE TRUTH NOW ! rofl
less
All to be sold exclusively at Radio Shack I imagine. Ah, well.
Confucius say “Hi-ta-chi buy Nortel, small time” Confucius also say “Mike Z Hi-chi-ta, big time”
zeroman
Just saving everyone time. My crystal balls tells me an announcement will be made 6 months from now after everything is sucked up by lawyers, consultants, creditors, bond holders and greedy execs.
“As previously announced, Nortel does not expect that the Company’s former employees will receive any value from the creditor protection proceedings and expects that the proceedings will result in the cancellation of their severance interests”
Casual_Observer
The bondholders get paid first and everyone gets in line after that. Other preferred and non-preferred shareholders typically get nothing in bankruptcy proceedings. This is part of the risk of being a shareholder. If you want to be a true owner, always buy bonds not stocks.
whopperscan
WHAT did they sell? Why are they so deliberately and comically vague? “certain… software”, “some equipment”.
Why are they hiding it like this? Why won't they say what products specifically?(especially the “certain” one)
Shouldn't these announcements would be heralded as good news for existing customers, who can be relieved their product is “rescued”, so-to-speak….? p.s: apologies if this appears more than once, Discuss reporting tech prob to me when posting
less
I dunno, maybe the Newest Nortel is seeking to re-emerge anon as a company that refuses to foster panic and envy among its global peers?
less
I dunno, maybe the Newest Nortel is seeking to re-emerge anon as a company that refuses to foster panic and envy among its global peers?
Hitachi Makes a Small Deal
In a small step forward towards the end of Nortel, Hitachi has acquired some of Nortel’s next-generation packet core network components for $10-million.
In a press release, Nortel said the deal includes certain wireless data-transfer software, some equipment and a non-exclusive license of some patents and other intellectual property, which Nortel didn’t specify. It does not include legacy packet core components for Nortel’s UMTS and GSM businesses.
Just to rub it in, Nortel added that:
As previously announced, Nortel does not expect that the Company’s common shareholders or the NNL preferred shareholders will receive any value from the creditor protection proceedings and expects that the proceedings will result in the cancellation of these equity interests