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Category Archives: Financials
Long-Term Disability Employees Lose Deal
A controversial $57-million deal struck last month between Nortel and employees on long-term disability has been tossed out by an Ontario Superior Court of Justice judge because it is “flawed” and unfair to other Nortel creditors. Judge Geoffrey Morawetz rejected the deal, which would have extended health and long-term disability benefits until September and given [...]
Ericsson Reportedly Buys LG Stake
Ericsson is reportedly buying Nortel’s 50% + 1 stake in the Nortel-LG joint venture – a move that, if accurate, meant that LG didn’t exercise its right of first refusal. The deal was reported by the Seoul Economic Daily’s Web site today. Whether the deal has been consummated is unclear as LG said nothing has [...]
Nortel Posts Q4 Results; No One Cares
Nortel posted its fourth-quarter and 2009 results a few days ago but given the company is heading towards extinction, the results are a non-event. There were a few interesting tidbits after sifting through through them: - Nortel plans to registration of its common stock under the Act shortly and suspend its obligations to file periodic [...]
Nortel’s Hidden Gem: Blade Network Technologies
With the Nortel Garage Sale nearly complete, the last major assets on the table are the 50.1% stake in the Nortel-LG joint venture and the 3,000+ patent portfolio, which includes the much-coveted LTE patents. There is, however, another valuable asset that has escaped the spotlight: Nortel’s minority stake in Blade Network Technologies, which makes data [...]
Posted in Financials Tagged bankruptcy, blade network technologies, george riedel, Nortel 33 Comments
U.S Trustee Balks at Bonuses
It looks like the incentive bonuses that Nortel wants to give to its remaining employees over the next two years may turn into a battle. According to BusinessWeek, acting U.S. Trustee Roberta DeAngelis is objecting to the $55.6 million of retention and incentive payments for 866 employees, describing them as “extraordinary”. The payments are part [...]
NRPC Disappointed with Judge’s Decision