By: Jamez4all

Jamez4all — Mon, 19 Jun 2006 22:33:17 +0000

“Or does Nortel try to stay independent (if that's possible) until its makeover is done?”
Without the makeover, a potential suitor has absolutely no idea what they are getting into. Reliable internal controls must completed. Who merges with “no gurantees” numbers they hope to have in time for 1.8B debt refinancing like meeting their delisting deadline soley on revenue recognition, thanks to Cutler =)
Ziffiberovski downplayed intital restatement revisions of $866M that came in almost double at a whopping $1.48 Billion, dramatic revisions coming in weekly, always overstating never under, and now they move this money forward where they'll need them since they have no more assets to beef/fool revenues with. Who can trust the numbers let alone the very management itself.
I don't think even customers like BT or BSNL are pleased, let alone any partners like Huawei or Putian… They appear jinxed.
I dread to see what another week's revisions would have furnished as they increase every time the counted them. They extended repiring controls from 18 months they said well over a year ago which is traditionally open season on bonuses, the most common motive to fraud. Are they honest in anything they do with so many still there. “difficult to find”, and “remaining silent under their councel's advice” sill founf to overstated by forced governance. Criminal results also loom on both sides of the border as do government and regulatory fines in their admitted fraud the settlement claims no wrondoing to the contrary.
A major problem Nortel has in finding a suitor indeed for many reasons.
Mikey says the “old school boys mentality is gone” as 80% of them have been at their lottery paying jobs for under a year. What did he mean by “Old boys school” and why were they reluctant to pursue 29 officers even after repeated requests resulting in a $1B+ derivative class action while defending 5 others who denied obvious red flags for bonuses they approved and received. This is scarey stuff lacking commentary.
After the latest revisions, he downplayed further penalty to seeing how far up the chain of command this went claiming the work was already done. This 80% of less than dream team hard to fill spots are hardly a point worth boasting with so little changed aside from a tanking stock price.
MOT has faired well after passing him by as he started at NT from day one defrauding them in writing on several occassions. NT paid an $11M premium to save face while struggling to regain credibility, after all they already had a plan in place or so they claimed as we now learn they are directionless, without a plan, shooting from the hip as they go along…what do they have to offer anyone?
The jinxed blunders are endless but most importantly, who can trust them to be a take over target even if their business wasn't tanking so badly year over year at a resumed esculating rate, last quarter double the losses of the previous year.
I hear no commentary about their 2 billion decline in the last of their assets towards their 10B in sales, this would indicate even revenues are declining from the previous year's 9.8B. The fines will also impact cash they warn they have made no provisions for. Who wants a liability laden company. Like NT set the specs for 10 years global experience against its arch rival for its lost leader BSNL, they require the company be profitable, what come around, goes around.
Printing unsecured bonds rated at B-3 like the tanking setlment shares recently is further puzzling, for a whopping 2 billion, unsecured, who would remotely consider them at any interest rate. This is to pay collateralized
It is a wonder one of the largest frauds on record like Enron, Worldcom, and Cendant still trades at, holding so many hostage like shareholders, creditors, employees, taxpayers, etc, settled with shareholder mercy so as not to cripple the company with revisions forced from them, not unlike the OSC in their endless delays in silence.
…it is so endless we can go on forever.
Personally, I do not think they will make it, I think they are on borrowed time. This fraud ruined thousands so it may very well be poetic justice with their ongoings and finangling.

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By: Jamez4all