Nortel Insider – by Desk Jockey

The view from one Desk Jockey

Richard Lowe “gets lucky” with “well-timed withdrawal”

with 7 comments

bailout-governmentI’ve been gone for a while, but this most recent article just sickened me even more: Nortel exec gets lucky with deferred income withdrawal From the news posting:

Richard Lowe, the top Nortel Networks executive responsible for carrier network operations, made a well-timed withdrawal of funds late last year from a deferred compensation fund that Nortel provides for high-income U.S. employees.

Nortel disclosed in its annual report earlier this year that he took out $1,701,043 U.S. less than two months before the bankruptcy filing of Jan. 14.

Meanwhile, other employees who weren’t so “lucky” and didn’t make a withdrawal prior to the Ch.11 filing were given the short end of the stick, being told this by HR:

Elena King, the senior vice-president for human resources, told him in a letter last month: “I regret to inform you that it’s become clear that there are no options: Under the terms of this plan, all non-qualified deferred compensation funds are part of the general assets of the company, and therefore are subject to claims by all company creditors.”

Yet another example of those at the top manipulating the system and the rules for their own personal gain. Let’s be real here, there is no such thing as luck. Mr. Lowe’s “well-timed withdrawal” was almost certainly the result of some sort of insider information, but unfortunately there will not be enough evidence to prove this in a court of law.

Meanwhile, hardworking and loyal employees who were kept in the dark and told to keep their heads down suffered from the consequences of a dysfunctional management and inept BoD.

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Written by Desk Jockey

June 3, 2009 at 7:25 am

Posted in Uncategorized

Tagged with , ,

7 Responses

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  1. Glad you are still around.. Was getting worried if you were no longer an “insider”. Is there any doubt in anyone’s mind that RL didn’t know about the magnitude of the issue or the impending CH11?

    Texan2

    June 3, 2009 at 2:31 pm

  2. of course he knew !!!
    that just happened at the time WSJ talked about Nortel seeking information for brankruptcy protection. If Nortel #2 doesn’t know this who knows….actually when looking at the company sometimes you might wonder if someone know how to do good things here…ah yes only for their own sake.

    a peon

    June 4, 2009 at 4:34 am

  3. What is even more worrisome is that this information was not made public until AFTER the Ch.11 BK filing, meaning by then it was too late for other employees to take out their money from this deferred compensation fund. By then, they were told to “get in line” behind the other creditors.

    Desk Jockey

    June 4, 2009 at 6:49 pm

  4. Corruption at it`s worst……

    sadN

    June 4, 2009 at 8:23 pm

  5. If anyone, government, courts, lawyers, judges, anyone, thinks that Richard Lowe or anyone else at the top did not know we were going bankrupt prior to him taking out this money, then you are all very stupid people or you just can’t face the thought of someone being so criminal Guess again.

    He knew, they all knew at the top. Its about time the government and our ‘law keepers’ smarten up and open their eyes. STOP FALLING FOR ALL THEIR LIES. The injustice to the employees is mind boggling.

    When will someone stop and really read between the lines. Enough is enough already.

    I hope justice in the end will be that the top executives will go to jail for these criminal acts against the corporation and the employees. And the board – you should all be ashamed of yourselves. To think you are all suppose to bring this company ahead and into the future. Not down the bowls of hell. All these years – was no one paying attention to what was happening all along? Everyone at the top should be fully aware of every single detail of the corporation from one corner of the world to another. Every division, every leader should have know this business inside and out. Something out of place should have been dealt with immediately.

    How do you sleep at night? Do you think about us employees that have given everything to this company for all our lives? We gave in hopes of a better tomorrow and a final retirement of working so long and hard, that was our reward. No, I bet you don’t. Your bank accounts are heavy with the money taken from our hard work. To think we gave up our family lives for what? This horrible, unthinkable situation?

    One day you will have to answer to a higher God and before you get there I, we, all hope and pray that you will answer to the ones we had believed (oh that word) were our justice keepers of our land of our laws. The laws were put in place for a reason. What were they your honour – do you remember?

    Bring back the BELIEF in humanity and human rights. Restore our belief in the good of our hard work.

    Please. We the employees of Nortel, globally, plead for your help. The lawmakers, judges, lawyers (for the people) not the greedy corporate executives that are at the top of Nortel.

    Our families shouldn’t be so broken hearted and penniless until we can stand on our feet again. Nor the retirement ready or nearly ready be robbed of what is rightfully ours. I don’t know that we can get on our feet. You keep taking from us but you don’t stop to think of what you keep giving to the executives. Millions of dollars in bonus for what I ask you? To retain them – what were you thinking – they’ll leave and with their pockets full.

    There is no bigger fool than those that cannot and will not see the truth.

    Stop this madness. I for one beg you.

    TIRED-OF-LIES

    June 5, 2009 at 9:25 am

  6. Glad to have you back!

    Asset_Number_XXX

    June 12, 2009 at 6:49 pm

  7. Desk Jockey your silence is deafening. The question that all of your followers have, should we be contacting Amnesty International to make certain that you are ok and not being blackmailed to keep silent…please give us a sign

    William Wallace

    August 18, 2009 at 9:23 pm


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