Hurray, More Time to Restructure!

When they hired Pavi that was the beginning of the end. The only thing he has been known for is dismantling companies.

So why the continual posts about restructuring?

Rather the topic should read, “Destructuring…..by Pavi”

At the rate it's going, I no longer believe post 1666 will be attained.

This is why I think they lied before the government hot seat inquiry that they were forced by subpoena to attend. Bankruptcy pro Pavi arrrived after so many insider only CFOs but in plenty of time to clearly see the intent and very reason they needed some one with his background Contrary to what they downplayed or claimed that they didn't know, BS…they lied and lied after ultimatum, circumventing loopholes, even paid a premium for green CEO who defrauded his past employer from day one who went on to promote his criminally charged pal. Even Manley's law firm defends Dunn. Running out of cash was the bunker buster.

All after extending repair of accounting for so long, even the lenient SEC stepped in to ask what the hell was going on.

CEO and Binning are even being sued for misleading, by leaving largest asset on books they sought to clean so long as a tax credit.

All after the past plea bargained and timely resigned board denying obvious red flags with Nortel's reluctance to chase past officers. Even the green board traded options again, diffusing gravity of mass orchestrated mega fraud with so few fall guys that were not at the crime scene as so many were still there hard to find, or kill the incentive and intent behind why options are issued to begin with, like trading a losing bet at a crooked casino. They even cut severances, pay raises and bonuses after bankruptcy, all legally with an army of lawyers as they increased lawsuit insuranace to a whopping $300 million.

The most unethical conduct since the largest fraud settlement in Canada, one under ultimatum where they refused to negotiate exorbitant pay practices, one they tanked with even further revisions to claim mark-to-market profits after killing even future periods like 2005's BS triple profits.

No credibility but ongoing lies and contradictions …no plan but asking for even more cash after rewarding printing billions, circumventing listing largest pension shortfall under a loophole closed right after they printed billions in bonds, rewarding cutting costs for the sake of bonuses on forever profitless units by a green CEO defrauding from day one and promoting than firing criminally charged pal, also green.

Bankruptcy Binning escorted Marconni to the grave too, so what else was he good for aside from a bit of telecom experience. Like hell they did not know they would fold earlier, why else would they bring in Bankruptcy Binning with insolvency expertise after so many insider only CFOs.

Its like a real and live walking talking Enron in my view, extended enormous liberties, hiding behind high profilers, allowed to cover their tracks in Canada, moving and selling HQ before liquidating, to hide the past under the rug and pay their big business creditors or milk what is left to loot the corpse as they shaft employees and shareholders.

Corruption at the highest levels from government to the lenient OSC …but Harper distances himself from tyranny, and Nortel is out, gone, fired, with no further funding as an extension of our Universities learning grounds as they traded technological innovation to one of bonuses and financial innovation. Money ran out thank goodness or billions more would have been siphoned by the contradicting, greedy green bozos whether at the crime scene or not, too few fall guys with high profilers to detract from the gravity and an army of lawyers to defy the laws of physics. To have been seen to be believed.

Proto, let's set the record straight for a moment.

I do think that Nortel will be operating through to early 2011 for one reason only. That reason is to complete the obligations of the various Transition Services Agreements struck with Ericsson, Avaya, Cienna and others. CVAS isn't even sold yet and likely won't close for a few more months, before that Transition Services Agreement even begins. There is a lot of work to be done, especially in various IT systems.

I do not think that Nortel will be selling their products and services to the market in 2011. That I expect will come to an end sometime in 2010 as the business units are sold.

WFT? You babble nonsensically here. What is your point – in a *&^% paragraph you pompous windbag.

Umm, not sure if you realize that the American Gov't is not going to not pay the debt due to Chinese companies owning its fat ass. North America and most of Europe decided long ago to outsource their manufacturing to China, so if some genius in power decides it would be a good idea to halt payment of Chinese debt, you can kiss off any goods coming from China (which, is everything you import). They could also call their debt, which would create the next depression in the Western world.

when u bean on life support dis long, whuz anotha year mattah, bro?

when da “knew” Nortel commabout, what it gonna do?
soo-in da pantz off pat-ent troll suckas?
p1mpin' 100g solutions foh a kewl 50k?
rentin' flats and manajin' prop-a-tee?
sellin' “YO MAMA SO BAD…No-teL” hi-shizzle wifebeaters?
runin' a corn dog stand, feedin' da' penshuners?

2011 goes to mah peeps Mike Z and Pavi Bee, beeotches stole mah turn-table back.

no new topics in a week… maybe NT really IS dead ;>)

What is so pompous about it?

If you can't read it, don't, than profanely name call like a coward lacking any substantation or argument, as usual. State what is pompous or what you disagree with,.

Even if it were arrogant or “pompous” as you humorously put it, better pompous than a challenged rude prik using rude low class terms, what a bum, shame on you if you had any. Is this how you conduct yourself in real life you sorry poor excuse for a human being?

“mc”? I see you end you posts with initials too, like at Yahoo
Also some new IDs surface here that all end in a few numbers? Strange, very weird.

As for your intelligent “BWHAHAHA”… my goodness that dry hack sounds painful…

no wonder Nortel crashed and burned, listen to the prevailing culture and by who… sickos and crooks, rude and challenged… who else can they be?

Nortel plant closure confirmed
American-based multinational company Avaya has confirmed that Nortel's manufacturing plant in Monkstown has been put forward for closure, putting over 100 jobs at risk.

Friday, 29 January 2010
Tags: businessLocal News

Avaya, who bought over the enterprise division of Nortel after it went into administration last year, said in a statement that they had entered a consultation process “following the strategic business decision to potentially close the Monkstown (Northern Ireland) office.”

Union representatives have claimed 140 staff will be made redundant if the move goes ahead

sounds like a staged question for you to elaborate on, no offense if this is not true. =)

In a paragraph is tough to summarize but most importantly

“Like hell they did not know they would fold earlier, why else would they bring in Bankruptcy Binning with insolvency expertise after so many insider only CFOs….Its like a real and live walking talking Enron”

More to come as fraud trials on both sides of the border commence after they liqudate. You sound worried? No offense if you are not,

I intend expose how crooks are stupid as they spring many, many subpoenas in the not too distant future with the DOJ all ears. More to come and hardly boring as MC or your other ID would say. No offense if it is not you,

All those guys are right about NBS.
Who will be performing these services?
Nortel people who were not taken by a buyer but were kept on for
exactly this. As hard as it is for you to digest it is happening and will happen.
The Nortel saga has years to go.
Doesn't matter if there is alot of work to do or not or even if it is justifiable.
It's gonna get done.
Would not be the first time a useless organization, (which may or may not be the case here, I simply don't know) was created in title only.
Nortel does not have a monopoly on that.
You can blame the system, the courts, the lawyers and the gov't if you don't like it. The poor schmuck who may keep their job over this is not complaining and they should not be hammered on it. Get use to it.
Hey look at it this way.
At least some North American Jobs not being outsourced!!
A small victory.
“If the writing is on the wall, it usually means you can't remove it, unless you tear down the wall”.
Anonymous Quote from Me.

<<Nortel filed for bankruptcy protection in January, blaming the economic crisis for derailing its turnaround efforts. >>

How's that for a load of BULLSH*T?!?!

This upsets me so much….that they are trying to re-write history. Please let us not all forget why Nortel sank from a multi-billion dollar company to a zero. It was not the economic crisis, it was desperately over-rated and under-equipped group of executives.

in time the Canadians will find out as well.

http://www.canadianbusiness.com/columnists/al_r…

Things are bound to get better, right?

Not so fast. What has really changed? Yes, the lousy returns of the aught decade were bookended by two disastrous market meltdowns, the tech wreck and the liquidity crunch. Unfortunate timing to say the least, which is unlikely to be duplicated on such an arbitrary basis.

Nevertheless, we will certainly see more market crashes in the future, and some pretty lousy 10-year investment returns, because there were some stark similarities between the last two market meltdowns, and some major precipitating factors have not been fixed, or even given more than cursory consideration by lawmakers and regulators.

A clear parallel for the lousy investment returns of the past decade is Canada’s flatline performance when it comes to improving investor protections. We opened the 2000s by worshipping Nortel as a national icon, based mostly on its unbelievable market performance. You could get lynched for suggesting that the stock price was too good to be true. If you pointed out what was in plain black and white (i.e., that the company did not make any money), you were simply shouted down by the mob.

The general hysteria of the time meant that investors ignored the obvious, encouraged by brokerage firms, analysts, and the media in general, and all condoned by the silence of our market regulators. A heavy focus was placed on fictional profit figures, and disbelief was suspended.

But even as Nortel was falling, income trusts were rising because of that all-important law of the market: underwriters abhor a vacuum. The phony performance metrics that gave rise to the likes of Nortel were dusted off and applied to many income trusts. Once again, the bottom line was ignored, and investors piled in.

Some claimed that income trusts were not like Nortel because they were “real businesses that made money.” Sure, the vast majority turned a profit, but in many cases it was not enough to justify the high cash distributions they were spewing out to entice investors to bid the unit prices even higher. Investors were allocating their money based on short-term cash budgeting figures, instead of long-term profit-generating ability. Too many people — underwriters, lawyers, accountants, and specialist portfolio managers — were making money from the income trust boom.

Carrying on the theme of the decade, high returns were promised, profits were ignored, and investors took the bait.

fundamentally flawed investment that promised them higher returns, just like with Nortel and the business trusts. Many retail investors suffered major losses as their funds were tied up for years in the frozen investments. After it was all said and done, the penalties for the brokerage firms involved were seen as a joke by many of those who were scarred by the scandal.

In sum, there has been no justice, and thus, no lessons learned or changes made.

Plenty of profoundly astounding history that, albeit is not new, may still expose a great deal of reader interest and enlightenment.

The next upcoming news might be the remaining patents and LG sale as the lawyers and monitor claw at their maximizing value, like the last stab at bonuses and raises before the final eulogy.

Also fascinating are the upcoming fraud trials but John Manley's law firm, who defends Frank Dunn, has imposed a media blackout /ban In Canada. Perhaps the other fraud trials in the US with the mountains of evidence will disclose more about this largest fraud settlement in Canadian history. t will also be interesting to see how the Department of Justice will respond, perhaps as they had done with Enron… first comes the SEC civil lawsuits, then wham bam slam dunk…come the quarter century sentences…for one of the largest frauds settlements on earth and certainly the largest in Canada

Lots of new and fascinating headings to come I would imagine… a lot more =) Stay tuned.

I had no idea.
Thanks for your brilliant and enlightening post!

Banks lend and make trillions with compound interest in what they print from thin air while holding only $4 Billion in reserves strikes me as profoundly astounding, and almost no one knows about it! Holy smokes! Almost sounds illegal.. wait, it is.

Sounds like a pyramid promissory note system or as the commentator on this YouTube video called it… outright “fraud” if everyone came knocking at their door asking for the money back all at once. They would not have the trillions to pay on what they lent to profit.

Also astounding is our debt which is over 90% compound interest.

Something is wrong excusing macroeconomic policy on the basis that its the best model we have, one that works less times than it does. Perhaps as we modernize we might strive for change here too, as a very small few percent also control /own the majority of wealth.

Interesting stuff! Very interesting , especially when we have enough natural resources to make every man, woman, and child on this earth a multimillionaire many times over. Tell me we can't possibly be this dumb to circumvent the obvious or that crooks lead the sheeple to slaughter as I fear and you well pointed out.

great posts! Thanks.

China is powerful. India is becoming powerful. They are a big threat. True they were not innovators like the West but they are now getting there and quickly. The US will still survive after a long road to recovery. But this time is being used quite strategically as the two Asian economies continue. Economies like Canada will eventually not stay in great shape with looming debt, less manufacturing, continued offshoring (not even supporting your own) and low population (no volume, high prices).

I dont think consumers care anymore about 'made in ….'. With the recent Toyota and Ford recall of gas pedals made in china, there is no demand to stop getting things made cheaply. how many companies have had lead, chemicals in milk products, hazardous product all made in china.

It may require some big political moves to move things back here. Obama taxing companies to keep jobs here is a first. It all comes down to protecting your own. Free trade is good but if is going to bust your house, you make sure you close the doors or at least partially open. This requires big metal balls which our politicians do not have.

well I think you are mistaken big time. maybe flip the pages of your history book from the 18th century to the 21st. you will realize that the walls are moving extending the boundary, which they have always been hungry about for centuries.

if what you say is right then search for general home / business / electronic products from your local home depot, walmart, best buy not made in china. heck nobody even would know how to make a nut and bolt here anymore. those widgets also cover the electronic and software ones. so good luck to future generations here.

Facebook has an “Ex Nortel” page to peruse…

Category:Business Companies
Description:Group for Ex Nortel Employees, Contractors, etc
Privacy type:Open:All content is public.

When were the first posts made… lemme see:

Nick Phillips Only about 70000 more to go if you only look at layoffs!
07 April 2007 at 08:27 · Report

Nick Phillips Ha! Good group, should be lots and lots of us in here
06 February 2007 at 14:28 · Report

http://photos-g.ak.fbcdn.net/photos-ak-sf2p/v35…

You have more wrong than you have right.
India and China are powerful. The United States is much more powerful. The U.S is the center of the universe. Their military technology, hardware, software and capability to execute and deliver (excluding stuff you don't even know about) along with their medical and scientific knowledge and positioning is light years ahead of China and India. Because North American Governments (excluding third world drug land Mehico) have allowed greed at the corporate and executive level to grow like a cancer we have lost jobs and the word “outsourcing” has become a word of major annoyance to North Americans. Much like the words visible minority, refugee claims, official languages act and multiculturalism. Your comment about Canada is really sad. Think about that one a little harder. Thirty million people, 2nd largest land mass on earth, infinite natural resources and eager to dig them up, mine them, harvest and sell them (including water) at top prices. Those Top prices are only going to Rise. I would say Canada is probably the best positioned country on the PLANET for the Future. It's a no brainer. The governments of north america just have to ease up on bureaucracy and start taking care of their own citizens rather than waste money on others. Not very Christian to begin with but we have no choice. You have to fix cracks in the foundation before you expand. At least in America. The wildcard of Natural Resources for Canada puts them on a better playing surface than everyone else. Canada just needs to boot out the leftist, tree hugging freaks who want to close down the oilsands due to environmental reasons. These clowns don't realize natural resource extraction and selling pays for all the lame sponge eating useless refugee/welfare recipients, and our social systems geared to take care of the visible minority hiring rights cost, official language costs, multiculturalism etc.
Not to mention FREE HEALTH care for ALL and EI.
Good thing these turds are indeed a useless, laughingstock minority fed by retarded university professors full of their own twisted Chairman Mao, Ward Churchill, Bill Ayers Ideology.
Pass the Jack.

http://www.telecomtv.com/comspace_newsDetail.as…

“It was one of the biggest disasters in Canadian corporate history and had huge knock-on effects around the world”

“the series of “accounting errors” were “discovered” and through the embarrassing series of forced financial restatements that followed and brought the company to its knees.”

“regardless of what, or what doesn't happen to those now charged with orchestrating the frauds that all but destroyed a once great company.”

http://www.thestar.com/Business/article/446516

“It's the biggest (financial scandal) in Canada, one of the biggest in the world,”