Nortel Insider – by Desk Jockey

The view from one Desk Jockey

Nortel Downfall Part 8: Prologue

with 10 comments

Part 8 takes a look back at some of the events on the path to downfall.

Sources:
http://www.newsobserver.com/104/story/545938.html
http://www.newsobserver.com/104/story/710310.html
http://www.newsobserver.com/104/story/546196.html
http://www.newsobserver.com/104/story/549240.html
http://www.allaboutnortel.com/2007/09/19/hackney-gets-major-promotion/

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Written by Desk Jockey

March 4, 2009 at 7:31 pm

Posted in Uncategorized

Tagged with ,

10 Responses

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  1. What comes out of your mouth is determined by what goes into your mind. Zig Ziglar

    This stuff you post is like a cancer to those who need this plan to work.

    Funny but cancer at the same time

    vested

    March 5, 2009 at 6:51 am

  2. @vested: The videos won’t hurt is there was a viable plan. Unfortunately for many people, the only plan Z and his henchmen have is to get as much cash as possible before Chapter 7…

    NortelSouth

    March 5, 2009 at 10:05 am

  3. Cost of KEIP/KERP plans: $45M
    Amount of severance paid to laid-off employees: $0

    Desk Jockey’s Downfall videos: priceless

    StillHangingOn

    March 5, 2009 at 7:18 pm

  4. FYI: TO EMAIL the banrupcty judge, overseeing the KERP and KEIP incentives. Chambers_of_Judge_Kevin_Carey@deb.uscourts.gov

    Or Call Delaware Attorney Generals office. @ 302-573-6538

    Call the US BANKRUPTCY COURT in DELAWARE,302-252-2900, Case 09-10138, and let them know your opinion, If you want to have a say, here is your chance. Kevin Carey is the Chief Judge.

    Call or Email your Congressman, N.C David Price

    Fax your comments AND INFORMATION to Obama at the WHITE HOUSE @ 202-456-2461 ATTENTION PRESIDENT OBAMA

    sadN

    March 5, 2009 at 10:53 pm

  5. The reality of what is happening at Nortel is beyond belief. Personally, I have invested over 25 years with Nortel. Over the past week, I have been told I have a job, no I’m being laid off…. not to worry I have a job…then this morning…oops, sorry but it looks like you have to leave after all. Each year I received award after award, continued praise for an outstanding job and additional responsibility. I’m a single parent with all my investment into Nortel. Yes, I did make good money, but it went to support the medical needs of my child, which will continue. No severance, no pension, no pending jobs, no insurance that is unaffordable. And the executives want to take more? Let the executives and courts meet with those of us left with nothing when determining where the money should go.

    Devastated and Afraid

    March 6, 2009 at 3:06 am

  6. @Devastated and Afraid: when reading your post, I realized Z does not have a clue when he said “I feel your pain”. I hope you can get a job ASAP.

    NortelSouth

    March 6, 2009 at 2:21 pm

  7. @vested – as well as employees and recently ex-employees, there are a lot of pension holders that need a resolution. I don’t know how many in all across the globe but there are 43,000 in the UK alone. The exec team have reneged on commitments to all these people, many of whom cannot recover the situation no matter how hard they work.

    Worse still, the exec team has said and apparently done nothing to address these peoples concerns but instead have focused solely on their own bonuses. Apparently being unethical, reneging on your promises and treating employees in such an inhuman way is “business as usual”.

    What exactly is the plan and who do you think is going to see any benefit at all if it does work?

    Paul

    March 6, 2009 at 2:29 pm

  8. @Desk Jockey – thanks for the creative slant on things. I did think the video subject was a bit extreme initially but on reflection no more extreme than the behaviour of some execs.

    Paul

    March 6, 2009 at 2:40 pm

  9. Here I am a retired Nortel employee (Brampton, ON Canada) with 34.5 years service retired in 2001 & I get a Feb 24 FORM LETTER from Nortel via Mercer that addresses me as “Dear Nortel Retiree”. It should have started off as “Dear John” like those dumping letters that soldiers on the front got from their girls/wives.

    The letter went on to say there will be no “immediate” change to my pension payments during the CCAA process but cleverly neglects to mention what might happen AFTER the process!!

    The letter continues that RAP payments (Retirement Assistance Payments) stopped on Jan 14, 2009 (at least I won one here – I took RAP as a lump sum when I retired).

    Further the letter says retiree medical benefit payments are “expected” to continue but could be suspended or discontinued at any time.

    I guess my survival plan is simple – save money by eating a lot less & don’t get sick!! Or maybe I could sell all my Nortel shares – that would buy food for about two weeks!!

    Ed Schmeler

    March 7, 2009 at 1:07 am

  10. Great work on the videos, but I believe you are overly obsessed on the Hackney incident. It’s anicent history at this poinr, and I don’t think it’s really all that relevant to current events. As a result it detracts from the rest of your dead-on messages.

    whosis

    March 7, 2009 at 11:45 am


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