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Category Archives: Financials
No Review for You, Nortel
What a relief! Just when it appeared the Canadian government would finally review the dismantling of Nortel, they’ve decided to take a pass. In a stunning and surprising decision (tongue firmly in cheek), the government has decided that everything about the $4.5-billion sales of Nortel’s patents is okay-dokay. “Officials have examined the applicable rules and [...]
Nortel Pensioners Get Pinched
You figure that after selling its patent portfolio for $4.5-billion, Nortel pensioners would have nothing to worry about. Wrong. Instead, 12,000 pensioners recently received notification that their there will be cutback in benefits. This will reduce benefits by 18% for non-union employees in Ontario. Employees who worked outside Ontario will see cuts of 31% (non-union) [...]
Now Ottawa to Review Nortel Sales?
It’s either sad, mystifying or ironic that only after the last part of Nortel has been sold – the 6,000 patents that were purchased for $4.5-billion last week – that Ottawa has decided to conduct a review. According to the Toronto Star, Industry Minister Christian Paradis has requested staff to see if the deal complies [...]
Nortel’s $7-Billion Bankruptcy Booty
Three cheers for George Riedel! Who’s George Riedel and why should we be excited? Well, he’s Nortel chief strategy officer, who has overseen the company’s assets sales after CEO Mike Zafirovski abandoned ship in the wake of the disappointing and puzzling decision to surrender rather than fight on. Now that the sale of Nortel’s 6,000+ [...]
Nortel Goes Out With a Bang
If you’re going to close the door, why not do it with a huge bang? Nortel certainly did it in spades with the auction of its 6,000+ patent portfolio that raised a whopping $4.5-billion. The winning bidder was a consortium that includes Apple, EMC, Ericsson, Microsoft, Research In Motion and Sony. It was interesting to [...]
Now, the Fun Begins for Ex-Nortel Execs