Not that it really matters but 189 Nortel executives – including CEO Mike Zafirovski – will be barred from trading their shares after the Ontario Securities Commission filed a cease-trade application yesterday. The order would last until two days after Nortel files its financial statements – whenver that happens. With the stock trading at below US$3 (C$3.50), you would think Nortel shares would have nowhere to go but up. From a public relations point of view, it looks good on Nortel because it suggests their executives are in the same boat as regular investors. At least this move looks better than when ex-CEO John Roth sold the last of his shares because it pained him to see them trading below $1. Of course, Roth was feeling the pain while watching TV at his estate in Caledon, Ont. while taking a break from washing his car collection. We should all be so lucky.
No Trading For You!