Skip to main content

A Call to Nortel

Nortel has been known to Canadians as many things from ‘our darling’, ‘our baby’ to {insert something not so nice}, and as the devoted parents, we have been watching anxiously, hopefully. Like most Canadians and many people around the world, I have been reading the news surrounding Nortel since it filed for creditor protection earlier this month.

In a time when we are all too familiar with the word ‘recession’, Nortel faces bankruptcy, which is a direct reflection of the industry it is competing in. The consumer wants everything better, faster and cheaper. Additionally, this market is changing by the minute; one bad decision can devastate a reputation which is then reflected in the stock market. This was certainly the case with Nortel; at its peak in mid 2000, the stock was valued at more than $1100 per share as compared to 15 cents Canadian on the Toronto Stock Exchange on the day of the bankruptcy announcement.

Impressively, Nortel remains one of the countries largest employers, and a quick look at their web site will confirm that this company is staying connected with progressively new and competitive technology. There is great potential here. By the way, the site also offers a look at its restructuring plans.

The fate of the company seems to lie in the hands of the current CEO, Mike Zafirovski, who has admiringly taken over the monstrous task of saving the Nortel name since 2005. He does not see bankruptcy as the end but a new beginning and is quoted as saying "So we looked at how do we redirect R&D spending”. In hockey terms, he "wanted to go to where the puck [was being hit] rather than where the person is.” Thankfully he is not a coach in the NHL or he would already have his walking papers in hand.

From all I have read, I kinda like Mike. To begin with, his goals are to be more focused and financially sound which I believe is the key. He is committed to regaining shareholders' confidence. When looking at Nortel history, it would appear they got big fast (during the boom of the late 1990’s, Nortel had over 90 000 employees), and they were quite diversified. After the down hill slide began, the company went through a controversial process of selling off some of its technologies in order to focus on others; the complaint was it choose the wrong technologies to sell and the wrong areas to focus on. However, what those squeaky wheels neglect to highlight is the fact that Nortel is committed to quality in the products it does produce; a value I find commendable.

I am thinking of giving him a call right now on my Nortel made phone just to let him know that I am behind him all the way. I’ll let him know that I am hopeful for that miracle stock market jump that will save the many who invested their savings in 2000. I am glad the corporate jet has been grounded as I am sure the money saved here is going to go to the deserving pensioners and I am looking forward to the face of our ‘new Nortel’.

I am on hold…

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

One Day I Saw Ty Conn

(This is being recalled from a very young mind...) When my father would begin telling a story from his childhood, he would begin with “When I was a little girl…” which would cause an uproar of high pitched objections from my sisters and myself. He would simply smile and continue on, as he now had our complete attention. I started this post at the beginning of November of this year when thoughts of my father return annually on the anniversary of his birthday. This story, however, is not about my father… When I was a little girl, I lived in a small house on Pine Street with my father, mother and three sisters. Ours was a busy, full house. Lisa was the oldest, very beautiful and very bossy. Pam was next, also very beautiful and we envied her fashion sense. I was the third in the line of my sisters, a middle child that cried a lot, made funny faces and was very comfortable at the centre of attention. My little sister, Joanne, enjoyed the status of being the baby in the family. She wa...
16 comments
Read more

Sir James Whitney School for the Deaf

Rich in History. High in Achievement. Belleville is home to Sir James Whitney School, one of North America’s oldest schools for the Deaf, opening its doors on October 20, 1870. This past October, SJW held a celebration to commemorate its 140 th anniversary. One of my all time favourite grade school memories was touring this amazing school with my grade six class from St. Michael’s Academy almost 30 years ago. Recently, I was privileged to visit it once more. “The school was founded through the persistent efforts of John Barrett McGann, an Irish immigrant and educator,” says Gary Wheeler, a representative with the Ministry of Education. McGann was a pioneer of deaf education. The school is named after the former premier of Ontario, James Whitney, who was known for his advances in education.  Crossing onto the grounds and up the long circular drive, you can feel the rich history this school and the vast grounds hold. This history includes a self-sustaining community that at...
1 comment
Read more

San Murata and the The Truth about Art

Skating on St Lawrence san-murata.com Anyone who meets San Murata knows that he is someone whom you won’t soon forget. Lively, charismatic and honest; he is certainly a true reflection of his art. He currently lives in the small historic town of Grafton where he loves to paint the beautiful Northumberland countryside. He also enjoys spending time in Quebec during the colder months to paint. The painting on the front cover is a scene from winter, one of the things San says he likes most about Canada, particularly in Quebec. San grew up in Japan, with admittedly a stricter social system, which encourages all children to work hard in school and go to university. San’s father was a banker and wanted his children to be professionals, so San studied at the University of Musashi in Tokyo, and although he says he wasn’t the best student, he graduated with a degree in Economics. He, too, worked at a banking job but it was always his dream to one day be an artist. In the late 60’s...
Post a Comment
Read more