01-14-2009, 08:07 AM
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#1
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Fearmongerer
Join Date: Oct 2001
Location: Wondering when # became hashtag and not a number sign.
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Nortel files for bankruptcy...shares down to pennies
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01-14-2009, 08:10 AM
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#2
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First Line Centre
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Quote:
Originally Posted by transplant99
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Where is the 2.4 Billion in cash they claim to have?
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01-14-2009, 08:11 AM
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#3
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Chick Magnet
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They were seeking a bailout awhile back.
The general consensus was "WTF! Why?"
It's a bad company that has no future. Time to die. Sad but true.
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01-14-2009, 08:33 AM
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#4
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In the Sin Bin
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Man, how the hell does a company go from a stock price of $1100 to 7.5 cents in nine years?
I used to work for a Nortel supplier. When they started to hit the skids, my company went downhill in a hurry. Don't think it even exists anymore... the Airdrie plant certainly doesn't.
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01-14-2009, 08:46 AM
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#5
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First Line Centre
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Quote:
Originally Posted by Resolute 14
Man, how the hell does a company go from a stock price of $1100 to 7.5 cents in nine years?
I used to work for a Nortel supplier. When they started to hit the skids, my company went downhill in a hurry. Don't think it even exists anymore... the Airdrie plant certainly doesn't.
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I don't think they ever made it to $1100. In the $200's but not $1100 to my knowlege?
http://finance.google.ca/finance?q=TSE%3ANT
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01-14-2009, 08:54 AM
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#6
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Powerplay Quarterback
Join Date: Jan 2008
Location: Calgary
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Quote:
Originally Posted by macker
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Split adjusted they made it to $900 I believe.
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01-14-2009, 08:56 AM
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#7
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NOT breaking news
Join Date: Jan 2007
Location: Calgary
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Quote:
Originally Posted by macker
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It split 3 or 4 times so if you add it all up, pretty close to $1100
__________________
Watching the Oilers defend is like watching fire engines frantically rushing to the wrong fire
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01-14-2009, 08:57 AM
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#8
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Powerplay Quarterback
Join Date: Feb 2006
Location: Sunnyvale nursing home
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Remember how they used to say these stocks represented the "new economy."
Apparently, they were right.
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The Following 2 Users Say Thank You to Nancy For This Useful Post:
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01-14-2009, 09:02 AM
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#10
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First Line Centre
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Quote:
Originally Posted by GirlySports
It split 3 or 4 times so if you add it all up, pretty close to $1100
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The reverse 10 for 1 split really made me shake my head  . So much for brining in the Motorola Mike to turn the company around...
Last edited by macker; 01-14-2009 at 09:04 AM.
Reason: double post :whoops!
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01-14-2009, 09:04 AM
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#11
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First Line Centre
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Quote:
Originally Posted by GirlySports
It split 3 or 4 times so if you add it all up, pretty close to $1100
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The reverse 10 for 1 split really made me shake my head . So much for brining in the Motorola Mike to turn the company around...
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01-14-2009, 09:05 AM
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#12
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#1 Goaltender
Join Date: Mar 2004
Location: Calgary...Alberta, Canada
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So you're all saying they're a good buy now?
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01-14-2009, 09:10 AM
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#13
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First Line Centre
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Quote:
Originally Posted by The Goon
So you're all saying they're a good buy now?
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Maybe for Cisco to come in and buy some of the working parts at the fire sale....
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01-14-2009, 09:14 AM
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#14
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Franchise Player
Join Date: Jul 2005
Location: in your blind spot.
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I had a friend who was contracting there when they started going down. He was saying from his perspective the initial layoffs were brutal because they didn't lay off based on merit, they just kept those who could politic the best and a lot of critical people who may have made the products a success were let go. Then moral hit the skids and people left as soon as they were able.
__________________
"The problem with any ideology is that it gives the answer before you look at the evidence."
—Bill Clinton
"The greatest obstacle to discovery is not ignorance--it is the illusion of knowledge."
—Daniel J. Boorstin, historian, former Librarian of Congress
"But the Senator, while insisting he was not intoxicated, could not explain his nudity"
—WKRP in Cincinatti
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01-14-2009, 09:29 AM
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#15
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NOT breaking news
Join Date: Jan 2007
Location: Calgary
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Quote:
Originally Posted by Bobblehead
I had a friend who was contracting there when they started going down. He was saying from his perspective the initial layoffs were brutal because they didn't lay off based on merit, they just kept those who could politic the best and a lot of critical people who may have made the products a success were let go. Then moral hit the skids and people left as soon as they were able.
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I find this to be true in all corporations. Quietly work your ass off and still get canned. Be a loudmouth and useless and stick around.
__________________
Watching the Oilers defend is like watching fire engines frantically rushing to the wrong fire
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01-14-2009, 09:31 AM
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#16
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Franchise Player
Join Date: Aug 2007
Location: Vancouver
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My dad just said he didnt have time to do the dishes because his company was in dire straights.....i guess he wasnt joking
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01-14-2009, 09:37 AM
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#17
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Lifetime Suspension
Join Date: Aug 2005
Location: CP House of Ill Repute
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Quote:
Originally Posted by Bobblehead
I had a friend who was contracting there when they started going down. He was saying from his perspective the initial layoffs were brutal because they didn't lay off based on merit, they just kept those who could politic the best and a lot of critical people who may have made the products a success were let go. Then moral hit the skids and people left as soon as they were able.
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With the initial waves of layoffs at Nortel, they just hacked off whole groups. It didn't matter the quality of the people, it was all about what was deemed necessary to keep. But some of the VPs were all about building their own little empires within the company during the boom times and wasted tons of money.
But when the tech bust came, not that many people left voluntarily because there was nowhere for them to go. Most places were laying off and few places were hiring.
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01-14-2009, 09:48 AM
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#18
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Dances with Wolves
Join Date: Jun 2006
Location: Section 304
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This is horrible news, yet I can't stop laughing at Transplant's sig.
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01-14-2009, 09:52 AM
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#19
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Voted for Kodos
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The stock is now worth about 1/10,000th of what it was only a few years ago. If you had $100,000 worth of Nortel shares at it's peak, those same shares would be worth all of $10 today. Yikes.
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01-14-2009, 10:09 AM
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#20
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First Line Centre
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Vancouver Olympics suffer first sponsor bankruptcy
UPDATED: 2009-01-14 09:10:38 MST
Things just got worse for VANOC.
Nortel Networks became the first sponsor of the Vancouver 2010 Winter Olympics to seek bankruptcy protection on Wednesday. The Toronto-based company's United States subsidiary filed under Chapter 11 in Wilmington, Del. and was to make a similar request to an Ontario court under the Companies Creditors Arrangement Act. Trading of Nortel shares was halted on the Toronto Stock Exchange. Nortel racked up a US$6.3 billion debt through Sept. 30 and has nearly US$12 billion in liabilities. It became an official VANOC supplier of network communications equipment on May 1, 2007. The deal was worth between $3 million and $15 million.
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