Comments for All Nortel, All the Time http://nortel.wordpress.com A Blog about All Things Nortel Mon, 05 Mar 2007 19:54:40 +0000 http://wordpress.com/ hourly 1 Comment on Yet Another Restatement? by the application delivery network » A Slow Week in Application Delivery http://nortel.wordpress.com/2007/03/01/yet-another-restatement/#comment-5367 the application delivery network » A Slow Week in Application Delivery Mon, 05 Mar 2007 19:54:40 +0000 http://nortel.wordpress.com/2007/03/01/yet-another-restatement/#comment-5367 [...] Things seemed to slow to a crawl in the adn market after Cisco’s announcement, with the most bits being spent on discussing Nortel’s current woes of a crazed executive and its announcement that it will, once again, restate its earnings. [...] [...] Things seemed to slow to a crawl in the adn market after Cisco’s announcement, with the most bits being spent on discussing Nortel’s current woes of a crazed executive and its announcement that it will, once again, restate its earnings. [...]

]]> Comment on Another Take on Hackney by Nortel Supplier http://nortel.wordpress.com/2007/02/27/another-take-on-hackney/#comment-5366 Nortel Supplier Mon, 05 Mar 2007 19:11:24 +0000 http://nortel.wordpress.com/2007/02/27/another-take-on-hackney/#comment-5366 just a nortel employee: "If the ethics guidelines were followed strictly, Nortel wouldn’t have business in many countries. Shareholders would be scared if Nortel would stick to them. Business is no ethics beauty contest, it’s rough and tough." This is one of the weakest arguments for inexcusably bad behavior I have ever witnessed. Business is tough. That's true. But the most enduring, admired businesses and leaders also tend to be the most ethical ones. Bad ethics and behavior only ever lead to short term results, and are always eventually exposed for that they are, and they create a cultural rot that doesn't allow for long-term success and value creation. If you have any doubts about the veracity of this, check the URL below. How many of those companies strike you as having unethical leadership and cultures? http://money.cnn.com/magazines/fortune/mostadmired/2007/index.html just a nortel employee:

“If the ethics guidelines were followed strictly, Nortel wouldn’t have business in many countries. Shareholders would be scared if Nortel would stick to them. Business is no ethics beauty contest, it’s rough and tough.”

This is one of the weakest arguments for inexcusably bad behavior I have ever witnessed. Business is tough. That’s true. But the most enduring, admired businesses and leaders also tend to be the most ethical ones. Bad ethics and behavior only ever lead to short term results, and are always eventually exposed for that they are, and they create a cultural rot that doesn’t allow for long-term success and value creation.

If you have any doubts about the veracity of this, check the URL below. How many of those companies strike you as having unethical leadership and cultures?

http://money.cnn.com/magazines/fortune/mostadmired/2007/index.html

]]> Comment on Does Zafirovski Keep Hackney? by weelbaro http://nortel.wordpress.com/2007/02/22/does-zafirovski-keep-hackney/#comment-5365 weelbaro Mon, 05 Mar 2007 17:44:59 +0000 http://nortel.wordpress.com/2007/02/22/does-zafirovski-keep-hackney/#comment-5365 C'mon FOLKS. Do what needs to be done here!!! These bullys have gotten to their positions by the same mentality shown by Hackney. They're all croanies. You all can be the same way. Why on earth don't the employees at Nortel take the power back, get a petition going demanding this moron's resignation. Present it to the board and at every other forum presented by the organization. You are not powerless. If I were an employee it'd be worth the minimal risk of negative repercussions. Your company sucks anyways. Believe me, there are better opportunities out there. We need a white collar union. C’mon FOLKS. Do what needs to be done here!!!

These bullys have gotten to their positions by the same mentality shown by Hackney. They’re all croanies. You all can be the same way. Why on earth don’t the employees at Nortel take the power back, get a petition going demanding this moron’s resignation. Present it to the board and at every other forum presented by the organization. You are not powerless. If I were an employee it’d be worth the minimal risk of negative repercussions. Your company sucks anyways. Believe me, there are better opportunities out there. We need a white collar union.

]]> Comment on Yet Another Restatement? by Not Observer http://nortel.wordpress.com/2007/03/01/yet-another-restatement/#comment-5364 Not Observer Mon, 05 Mar 2007 16:38:11 +0000 http://nortel.wordpress.com/2007/03/01/yet-another-restatement/#comment-5364 It should be known that a change in auditors CAN NOT happen until shareholders approve the change at an Annual General Meeting. This hasn't happened. KPMG in not Nortel's current auditor at this time. The change in auditor proposal should pass, but we need to understand the facts. When we see the 2006 Annual Report pay attention to Deferred Revenues. This is a holding bucket for future revenues that have yet to pass GAAP requirements for revenue recognition. This is where revenue adjustments land. It should be known that a change in auditors CAN NOT happen until shareholders approve the change at an Annual General Meeting. This hasn’t happened. KPMG in not Nortel’s current auditor at this time. The change in auditor proposal should pass, but we need to understand the facts.

When we see the 2006 Annual Report pay attention to Deferred Revenues. This is a holding bucket for future revenues that have yet to pass GAAP requirements for revenue recognition. This is where revenue adjustments land.

]]> Comment on Was Nortel Microsoft’s Second Choice? by Anonymous http://nortel.wordpress.com/2007/02/28/was-nortel-microsofts-second-choice/#comment-5361 Anonymous Mon, 05 Mar 2007 14:17:17 +0000 http://nortel.wordpress.com/2007/02/28/was-nortel-microsofts-second-choice/#comment-5361 http://techiqmag.com/2007/03/01/cisco-microsoft-meeting-march-7/ http://techiqmag.com/2007/03/01/cisco-microsoft-meeting-march-7/

]]> Comment on Zafirovski’s E-mail About Hackney by GWRTP http://nortel.wordpress.com/2007/03/01/zafirovskis-e-mail-about-hackney/#comment-5360 GWRTP Mon, 05 Mar 2007 14:04:43 +0000 http://nortel.wordpress.com/2007/03/01/zafirovskis-e-mail-about-hackney/#comment-5360 Shortly on the heels of this zmail was a Nortel corporate email about International Woman's Day... obviously just lip service. As a woman, it pisses me off. I'll celebrate International Woman's Day when my pay is the same as the men in my group. Shortly on the heels of this zmail was a Nortel corporate email about International Woman’s Day… obviously just lip service. As a woman, it pisses me off. I’ll celebrate International Woman’s Day when my pay is the same as the men in my group.

]]> Comment on Yet Another Restatement? by many http://nortel.wordpress.com/2007/03/01/yet-another-restatement/#comment-5359 many Mon, 05 Mar 2007 05:01:26 +0000 http://nortel.wordpress.com/2007/03/01/yet-another-restatement/#comment-5359 ".........there will be no room for that arrogant type of manager that may feel invincible and above the regular employees." "..........Lead by example is what comes to mind,even if you don’t hold a managerial position you can still make an impact especially as Nortel continues to transform itself towards the “BIG” goal." Are you referring to Joel Hackney with these statements? If so, you certainly have a point, but only if the leadership "walks the walk". Right now things don't look too good. Six-Sigma is a gimmick and a buzz word left over from the 90's. When I was with Nortel I traveled to India for them to interview some of the "six-sigma" software houses. Believe me when I tell you it is not the panacea you have been lead to believe. Its like TQM and Quality Circles were during the 1980's when Japan was going to eat our lunch. You need to understand that unless Mr. "Z" can make profitable sales deals(unlike the India and Iraq deals) they will not survive. Unless he can cut SG&A costs (which so far he has not been able to do) they will not survive. I would be willing to bet that the same ratio of senior management to employee as was true in the 1990's exists today. I would believe that the same SG&A costs per employee exist today. Bottom line; the margins just ain't there. If Mike "Z" wants to lead by example, working for US$1.00 like his competitor Mr. Chambers instead of looting the sinking ship would be a good gesture. Publicly firing the bully Joel Hackney would be a good gesture. Cutting the ratio of managers to workers and increasing the span of contol for the remaining would be a good gesture. Ultimately they are going to have to leave one or two lines of buisness and stop being a mile wide and an inch deep. “………there will be no room for that arrogant type of manager that may feel invincible and above the regular employees.”

“……….Lead by example is what comes to mind,even if you don’t hold a managerial position you can still make an impact especially as Nortel continues to transform itself towards the “BIG” goal.”

Are you referring to Joel Hackney with these statements? If so, you certainly have a point, but only if the leadership “walks the walk”. Right now things don’t look too good.

Six-Sigma is a gimmick and a buzz word left over from the 90’s. When I was with Nortel I traveled to India for them to interview some of the “six-sigma” software houses. Believe me when I tell you it is not the panacea you have been lead to believe. Its like TQM and Quality Circles were during the 1980’s when Japan was going to eat our lunch.

You need to understand that unless Mr. “Z” can make profitable sales deals(unlike the India and Iraq deals) they will not survive. Unless he can cut SG&A costs (which so far he has not been able to do) they will not survive. I would be willing to bet that the same ratio of senior management to employee as was true in the 1990’s exists today. I would believe that the same SG&A costs per employee exist today. Bottom line; the margins just ain’t there.

If Mike “Z” wants to lead by example, working for US$1.00 like his competitor Mr. Chambers instead of looting the sinking ship would be a good gesture. Publicly firing the bully Joel Hackney would be a good gesture. Cutting the ratio of managers to workers and increasing the span of contol for the remaining would be a good gesture. Ultimately they are going to have to leave one or two lines of buisness and stop being a mile wide and an inch deep.

]]> Comment on Zafirovski’s E-mail About Hackney by Anonymous http://nortel.wordpress.com/2007/03/01/zafirovskis-e-mail-about-hackney/#comment-5358 Anonymous Mon, 05 Mar 2007 02:36:04 +0000 http://nortel.wordpress.com/2007/03/01/zafirovskis-e-mail-about-hackney/#comment-5358 Stock prices don't necessarily reflect rates of return on investment. In Nortel's case, I'd say this is especially true since the single largest institutional shareholder is a hedge fund and since it also has been one of the most heavily traded stocks on the NYSE the last 5 years. Given Nortel's penchant for incorrect financial statements, I'd rather be a bondholder of Nortel at this point than a stockholder. Stock prices don’t necessarily reflect rates of return on investment. In Nortel’s case, I’d say this is especially true since the single largest institutional shareholder is a hedge fund and since it also has been one of the most heavily traded stocks on the NYSE the last 5 years. Given Nortel’s penchant for incorrect financial statements, I’d rather be a bondholder of Nortel at this point than a stockholder.

]]> Comment on Yet Another Restatement? by Apple http://nortel.wordpress.com/2007/03/01/yet-another-restatement/#comment-5357 Apple Sun, 04 Mar 2007 23:13:03 +0000 http://nortel.wordpress.com/2007/03/01/yet-another-restatement/#comment-5357 While the restatement is relatively minor, it’s certainly not a positive sign for a company that appeared to be gaining its footing again and more confidence from investors. =========== re There is nothing minor about Nortel's restatements! To remind you 2004, bi-weekly statements increased the size and scope as time was passing by. Who would expect $3.5 bill revenues removed? There was nothing minor in last year restatement too. Nortel played it low from the beginning. Just few hundred millions and no wrong doing, said Mike Z. When he was asked how did he know there was no wrongdoing, he apologized few days later and stated that nobody checked if there was no foul play. Nobody was surprised by new delays and new restatements at Yahoo_NT message board as we deducted that Nortel will not be able to report on time and will restate again So 2005 will look even worse and Q2 2005 Triple Profits are buried deep in losses now. When we will see questions about reporting false Q2 Triple Profits? It's an easy job just to imagine investors losing money playing put options for example and losing all just because Nortel reported false numbers to boost the stock price up to $3.50 or so... When will someone ask Nortel about $5 bill revenues removed from the books so far? Where is that revenue? CFO quitting and auditors replaced at the same time is not a minor thing either. Nortel has not finalized first lawsuits yet and the new are waiting in line for misleading in 2005 and 2006! SEC should put a stop to Nortel's misery long time ago! Clean the books if you can and come back to the open market after that. How it is possible that Nortel stated once again that 2007 numbers can be late and restated too as the accounting system is not working properly yet! What a joke! While the restatement is relatively minor, it’s certainly not a positive sign for a company that appeared to be gaining its footing again and more confidence from investors.
===========
re
There is nothing minor about Nortel’s restatements!
To remind you 2004, bi-weekly statements increased the size and scope as time was passing by.
Who would expect $3.5 bill revenues removed?
There was nothing minor in last year restatement too.
Nortel played it low from the beginning. Just few hundred millions and no wrong doing, said Mike Z.
When he was asked how did he know there was no wrongdoing, he apologized few days later and stated that nobody checked if there was no foul play.
Nobody was surprised by new delays and new restatements at Yahoo_NT message board as we deducted that Nortel will not be able to report on time and will restate again
So 2005 will look even worse and Q2 2005 Triple Profits are buried deep in losses now. When we will see questions about reporting false Q2 Triple Profits? It’s an easy job just to imagine investors losing money playing put options for example and losing all just because Nortel reported false numbers to boost the stock price up to $3.50 or so…
When will someone ask Nortel about $5 bill revenues removed from the books so far? Where is that revenue?
CFO quitting and auditors replaced at the same time is not a minor thing either.
Nortel has not finalized first lawsuits yet and the new are waiting in line for misleading in 2005 and 2006!
SEC should put a stop to Nortel’s misery long time ago!
Clean the books if you can and come back to the open market after that.
How it is possible that Nortel stated once again that 2007 numbers can be late and restated too as the accounting system is not working properly yet!
What a joke!

]]> Comment on Yet Another Restatement? by Not_A_Co-Worker http://nortel.wordpress.com/2007/03/01/yet-another-restatement/#comment-5356 Not_A_Co-Worker Sun, 04 Mar 2007 18:44:06 +0000 http://nortel.wordpress.com/2007/03/01/yet-another-restatement/#comment-5356 JJH and the psychiatrist = same person? No I don't think so but is clear who is paying the psychiatrist! JJH and the psychiatrist = same person? No I don’t think so but is clear who is paying the psychiatrist!

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