Former Nortel executives want to buy the beleaguered company, but need a $1 billion loan from the Canadian government, according to reports from Canada.
CBCnews.ca says the former executives and company directors want to base Nortel in Ottawa and have it remain Canada's top investor in R&D. Nortel, which currently has headquarters in Toronto, already has a large R&D facility in Ottawa.
Under the group's plan, Nortel would concentrate on building a high-speed broadband network across Canada after divesting a third of its operations, the CBC report states. It also says politicians have been "lukewarm" to the proposal.
Three members of the group are ex-Nortel President Bob Ferchat; David Patterson, a former Nortel director; and David Mann, a former Nortel vice president. The group has private capital but needs the government to float $1 billion in order to see its plan through, according to the CBC.
Nortel filed for bankruptcy earlier this year. It's looking to sell off operations in order to raise cash.
This is the ultimate good news/bad news story of the year. Three former execs want to buy the ship wreck BUT they want the Canadian taxpayers to foot the bill and front them the cost.
You have to be joking. Did the Canadian taxpayers not dance this dance in the early 90's when the management of the day panhandled the Canadian government for handouts to "keep jobs in Canada"? Does everyone forget that this compnay then took that handout money and rellocated the jobs to the Carolinas? How stupid do you think the taxpayers in Canada are??? Many of the Nortel employees who are now at pension risk took the rip-off a step further and actually accepted transfer allowances to relocate themselves into the USA. Many supsect that the very handout money aimed to keep the jobs in Canada were used as transfer susbsidies. Years later, these same es-patriot workers now are askign the Ontario government to cover their pensionable service for the 15 odd years they spent in teh states.
There is a big difference between the GM deals and Chrysler deals made in the past. Those companies had moral backbones.
The single solution that best serves Ontario and Canada is to seize the R&D arm of Nortel as compensation for bailing out the pensions of Nortel workers who spent their entire work career in Canada. Historically, we'd be looking after proud Canadian heritage as the infant days of the company as Bell Northern Labratories together with the R&D assets as well as ALL open Canadian devoped patents currently held by Nortel would then be relocated to Kitchener where the new entity could be partnered with the University of Waterloo in close proximitey to R'I'M and other "modern" technology companies. A center of excellence for telecommunicaiton would be to the benefit of all Canadians wherein royalties from patents wodl eventually help fund teh project. To even consider allowing anyone connected to Nortels management to have access to public funds again is uncouncionable
by Nortel Retiree - Brampton (not verified) on 6/24/09 at 12:16 pm |reply
Where Google Chrome security fails: the password I heard mention that the Chrome OS will have some sort of encryption available a la bitlocker. If it's possible to encrypt personal data using another password or key, then it may have potential for very secure data.... And Ubuntu has an 'encrypt home directory' option, perhaps google should follow suit.
- Dann
Surviving Windows is easier than you think… MKS offers the power of an integrated all-in-one environment and provides you with the Power of UNIX on Windows Learn More
Brought to you by:
contests & free stuff
We have 5 copies of these two new books to give to some lucky readers. The deadline for entries is November 30, 2009.
AISO founders envisioned a Web hosting company that was environmentally friendly. While the company employed energy-efficient innovations like solar panels, its infrastructure produced unacceptable power and cooling requirements. Find out how AISO leveraged AMD technology to overcome their challenge in this case study white paper.
In this whitepaper, Scalar explores the opportunity to change the landscape with respect to mission critical databases
built around Oracle. Leveraging technologies such as Linux, high-end commodity processing power and Oracle RAC
technology to architect, design, build and maintain database infrastructure that delivers maximum availability, reliability
and performance at a fraction of traditional cost.
On a typical day, weather.com, the Web site for The Weather Channel in Atlanta, serves up between 15 million and 20 million page views. But in September 2004, when back-to-back hurricanes ransacked Florida, the peak traffic on one day more than tripled: over 70 million page views by more than 7 million unique visitors. Read the full success story now.
Esther Schindler
claird
pasmith
Sandra Henry-Stocker
jfruh
mikelgan
Quick, practical advice for IT pros. Made fresh daily.
Former Execs want to buy Nortel
This is the ultimate good news/bad news story of the year. Three former execs want to buy the ship wreck BUT they want the Canadian taxpayers to foot the bill and front them the cost.You have to be joking. Did the Canadian taxpayers not dance this dance in the early 90's when the management of the day panhandled the Canadian government for handouts to "keep jobs in Canada"? Does everyone forget that this compnay then took that handout money and rellocated the jobs to the Carolinas? How stupid do you think the taxpayers in Canada are??? Many of the Nortel employees who are now at pension risk took the rip-off a step further and actually accepted transfer allowances to relocate themselves into the USA. Many supsect that the very handout money aimed to keep the jobs in Canada were used as transfer susbsidies. Years later, these same es-patriot workers now are askign the Ontario government to cover their pensionable service for the 15 odd years they spent in teh states.
There is a big difference between the GM deals and Chrysler deals made in the past. Those companies had moral backbones.
The single solution that best serves Ontario and Canada is to seize the R&D arm of Nortel as compensation for bailing out the pensions of Nortel workers who spent their entire work career in Canada. Historically, we'd be looking after proud Canadian heritage as the infant days of the company as Bell Northern Labratories together with the R&D assets as well as ALL open Canadian devoped patents currently held by Nortel would then be relocated to Kitchener where the new entity could be partnered with the University of Waterloo in close proximitey to R'I'M and other "modern" technology companies. A center of excellence for telecommunicaiton would be to the benefit of all Canadians wherein royalties from patents wodl eventually help fund teh project. To even consider allowing anyone connected to Nortels management to have access to public funds again is uncouncionable