You have to wonder about the magnitude of Nortel's restatement efforts in wake of the company's decision today to delay the release of its financial results for the past six quarters until next month. Nortel claims the delay is due to the “volume and complexity” of its restatement effforts. There is no doubt Nortel's accountants have a lot on their plate but it's a strange move for a company trying to regain credibility with investors, analysts and suppliers. The delay is either a cautious move to make sure further mistakes do not materialize, which would embarass Nortel yet again; or a disappointing move given Nortel had told investors certain events would happen on certain dates. In the meantime, it has been interesting to see CEO Williams Owens continue his “song and dance” campaign with reporters and analysts around the world. In an interview with reporters near Boston earlier this week, he talked about industry consolidation and how suppliers are talking to each other about all kinds of options. Ever since Cisco CEO John Chambers publicly spoke in June about a potential partnership with Nortel, there have been all kinds of speculation concerning a deal. Personally, I think it was another example of Chambers' strategic brilliance. While he puts the market and media into a frenzy about a potential mega-deal, Cisco has started to make acquisitions again after a bit of a slow period. Last month, it bought P-Cube for US$200-million. P-Cube makes technology that helps carriers provide higher quality and differentiated IP services without spending large amounts to upgrade their systems. While Nortel may be shy about making key acquisitions given its disasterous multi-billion dollar spending spree under ex-CEO John Roth, the company may have no choice but to beef up its IP portfolio. If Nortel had the financial resources, strategic courage and senior management focus, it should take a serious run at Juniper Networks Inc. With a market capitalization of US$12.5-billion, Juniper would be a huge bite for Nortel but it would shake up the telecom equipment sector and make Nortel a IP tour de force.