With the sale of Nortel’s optical networking and carrier Ethernet business to Ciena completed on Friday, Pavi Binning has decided the time is right to resign as Nortel’s chief restructuring officer and chief financial officer.
To be honest, there’s really not much left to restructure given the only major assets left are Nortel’s stake in the Nortel-LG joint venture, and a 3,000+ patent portfolio.
John Doolittle becomes Nortel’s CFO, in addition to his duties leading Nortel’s Corporate Group. The CRO position will not be filled.
“Pavi has been an excellent leader for the organization under very challenging circumstances,” Nortel chairman David Richardson said in a statement. “He has played a key role in the Company meeting its restructuring objectives including maximizing the value of Nortel’s assets through the sale of the businesses in a very difficult economic environment, with a focus on ensuring the best outcome for Nortel’s businesses and its creditors, which include employees and bondholders. On behalf of the Board of Directors and other stakeholders, I would like to thank and acknowledge Pavi for his outstanding leadership and contribution throughout this critical time.”
Nortel said Friday it had completed the sale of its optical networking and carrier ethernet assets to Ciena for about $774 million.
Nortel also reiterated that it does not expect its common shareholders or its NNL preferred shareholders to receive any value from the bankruptcy protection process. It expects these shares will be canceled as a result.
My goodness he left rather abruptly. One day they announced and a few later he is gone.
On one hand Nortantic praises Pavi. On the other hand, a class action lawsuit claims he is a fraud and misled investors along with Mike Z. Which is it?
On one hand Manley's law firm feels they spring Frank Dunn and yet the RCMP and the SEC have laid fraud charges. Which will it be.
Hack and Mornin are a few who loot the corpse and get transfers.
What frauds for bonuses (bonuses as usual) were still there, hard to find from and will the companies who have taken on Nortel people make front page in the not too distant future should additional subpoenas be issued for this level of mass orchestration with so few fall guys? Will they be found out? How can these licensed to commit tyranny crooks get away with the hype and looting all along and right into the close like some warped political campaign. What don't we know?
bankrupt_bob
<<Nortel also reiterated that it does not expect its common shareholders or its NNL preferred shareholders to receive any value from the bankruptcy protection process. It expects these shares will be canceled as a result.>>
Hopefully, this statement is akin to their “We're not really gonna declare bankruptcy, we're just looking into all possibilities” statement. OK, I really don't believe it, but hope is all I have left. ;>)
freqmgr
I expect his golden parachute worked well. Maybe an excepttion will be made so that he can do the same as Z and file a claim? Or has he already done that?
exNTII
this time it is the whole truth and nothing but the truth.
27539
Couple points:
Looks like trading of the stock is finally petering off (~100,000 share moved today so far).
I still se Nortel signage on properties (RTP and Rochester) – what gives?
freqmgr
Likewise in Richardson…but it costs money to take it down. So leave it for the landlord to do and get a bigger bonus for saving NBS the cost!
freqmgr
Likewise in Richardson…but it costs money to take it down. So leave it for the landlord to do and get a bigger bonus for saving NBS the cost!
Thanks for Coming Out, Pavi
To be honest, there’s really not much left to restructure given the only major assets left are Nortel’s stake in the Nortel-LG joint venture, and a 3,000+ patent portfolio.
John Doolittle becomes Nortel’s CFO, in addition to his duties leading Nortel’s Corporate Group. The CRO position will not be filled.
“Pavi has been an excellent leader for the organization under very challenging circumstances,” Nortel chairman David Richardson said in a statement. “He has played a key role in the Company meeting its restructuring objectives including maximizing the value of Nortel’s assets through the sale of the businesses in a very difficult economic environment, with a focus on ensuring the best outcome for Nortel’s businesses and its creditors, which include employees and bondholders. On behalf of the Board of Directors and other stakeholders, I would like to thank and acknowledge Pavi for his outstanding leadership and contribution throughout this critical time.”
Nortel said Friday it had completed the sale of its optical networking and carrier ethernet assets to Ciena for about $774 million.
Nortel also reiterated that it does not expect its common shareholders or its NNL preferred shareholders to receive any value from the bankruptcy protection process. It expects these shares will be canceled as a result.