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Jobs

The Pain Continues at Nortel (NT)(NRTLQ)

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By Jon C. Ogg Updated Published
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Things just got darker at Nortel Networks (OTC-NRTLQ) (Former “NT on NYSE).  The company today announced an additional  3,200 job cuts.

Nortel expects these reductions to occur over the next several months. The company also says that the new reductions are “incremental to the 1,800 remaining reductions from previously announced plans that require completion.”

Try asking Nortel workers how incremental the layoffs feel.  In bankruptcy filings, there are rarely any golden parachute packages nor any great layoff packages for fired workers.

What is more amazing than the malaise we have been predicting all along at Nortel are two key factors:

  1. Mike S. Zafirovski is STILL the CEO…. he needs to go. Period.
  2. Why this stock is still trading?  It represents nothing more than a warrant that only has value if everything goes in Nortel’s favor.  With everything going against it for the better part of a decade, why should things change now?

Jon C. Ogg
February 25, 2009

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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