Nortel files for bankruptcy...shares down to pennies

[MoneyGuy]

Didn't Nortel peak at about $124.50? I'm working from memory here. I know someone who lost a lot on Nortel, and someone who made a killing. The latter one bought all the way up and sold once it went over $100. Got out a bit early but at least he got out; better early than never. Sad to see this happen.

[macker]

Originally Posted by MoneyGuy

Didn't Nortel peak at about $124.50? I'm working from memory here. I know someone who lost a lot on Nortel, and someone who made a killing. The latter one bought all the way up and sold once it went over $100. Got out a bit early but at least he got out; better early than never. Sad to see this happen.

That's what I thought? I have a newspaper clipping from the Globe and Mail from years back that showed that it peaked out on July 26, 2000 at $124.50. This does not account for stock splits. In 2000 Nortel had 96,000 employees and revenue of 7.8 Billion and a quarterly profit of $561-million US. This company has cost a lot of people a lot of money! Hope they can now disconnect the phones and that is it from them!

[HelloHockeyFans]

http://www.nortel.com/corporate/restructuring.html

[HelloHockeyFans]

OTTAWA (Reuters) - The Canadian government pledged on Wednesday to help Nortel Networks Corp emerge from bankruptcy protection.

"The government of Canada appreciates the importance of the telecommunications industry to our economy and will continue to work with Nortel during its restructuring through Export Development Canada (EDC)," Industry Minister Tony Clement said.

EDC, a government agency, has agreed to provide up to C$30 million ($24 million) in short-term financing through an existing bonding facility.

In addition, Clement said, EDC is open to discussing financing for Nortel in conjunction with other financial institutions.

..."It is important to note that Nortel is filing for court-supervised restructuring under the CCAA (Canada's Companies' Creditors Arrangement Act), not bankruptcy.

http://ca.reuters.com/article/domest...50D5FP20090114

[pepper24]

Sad story for the investors and Nortel employees that have lost jobs over the past few years. It'll be interesting to see what the government does to help out.

[CaptainCrunch]

I think that stock trading is suspended during bankruptsy anyways.

I would expect that Nortel is going to be broken up for sale. They need to find a way to come up with that 100 million doller interest payment.

[DuffMan]

Anyone who has a pension has had Nortel stock effect their pension amounts.

[rubecube]

Originally Posted by CaptainCrunch

I think that stock trading is suspended during bankruptsy anyways.

I would expect that Nortel is going to be broken up for sale. They need to find a way to come up with that 100 million doller interest payment.

I wouldn't be too shocked if Bell or Telus make bids for Nortel, seeing as most of their major switching equipment comes from Nortel.

[Hack&Lube]

Originally Posted by GirlySports

It split 3 or 4 times so if you add it all up, pretty close to $1100

Yeah, the Globe and Mail today said the stock's high was $1134 or something like that.