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Monthly Archives: March 2004
Bill Fraser's done deal; Nights out with the CRTC
Looks like Manitoba Telecom Services CEO Bill Fraser really wanted to screw over those pesky hedge fund managers who wanted MTS to become a boring income trust. Turns out, the deal to buy Allstream for a cool $1.7 billion is locked down with no escape routes. Fraser has essentially told the hedge funds that if they don't like the [...]
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Recent article: Nortel brings in legal muscle
The biggest cloud now hanging over Nortel Networks Corp. is what will happen to chief executive Frank Dunn.
This is a legitimate question in the wake of Nortel's decision Monday to put CFO Doug Beatty and controller Michael Gollogly on paid leave — a move that surprised investors and caused Nortel shares to tumble 19%, eliminating [...]
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Income Trust? Ha!
You have to like the nerve of Manitoba Telecom Services CEO Bill Fraser. Just when you thought he was destined to head up a boring, cash-producing income trust telecom, he pulls the $1.7 billion acquisition of Allstream out of his hat. Surprise, surprise to all those folks happily counting on MTS becoming an income trust. [...]
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Where there's smoke, there's fire
The notion that there's something terribly wrong at Nortel continues to gain momentum. If the audit committee looking at its financial statements for the past four years discovers something serious, it could mean serious trouble for CFO Doug Beatty, controller Michael Gollogly and, most important, CEO Frank Dunn – who was Nortel's CFO from 1999 [...]
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Nortel's Accounting Woes (Part II)
So what's going on with Nortel and how have they managed to drop the ball from a communications perspective in the latest chapter of their accounting soap opera. It was bad enough last week when the company said its 2003 annual report would be delayed because an “independent” audit committee needs more time to compllete [...]
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As the Nortel Turns…