Our family lost a lot of money on Nortel but I did not see it coming.
I am in Saint John Regional Hospital hooked up to plasma and the girls always came on Fridays. The church was housing them.
“Mommy mommy, grab your laptop”. I was half asleep because I need steroids and anti histamines to receive plasma.
“Nangi, grab your laptop”. I needed sleep badly.
“Martha Leah Nangalama, grab your laptop”. Whenever my kids call me by my name, I know that something is going down.
I immediately hit the stock chart site. Kid yells at me “Nortel is going down”. I look at this 6yr old talking to me about Nortell while the 9yr old was nodding her head.
Both girls are chart readers. Nortel was dropping like a hot potato. We had many shares in it.
I look at the chart and OMG, Nortel was tanking. I got out at $100+.
I should have seen it coming because when I was doing my masters, Nortel was hiring kids at $45,000 per year and giving them cars. We had a very pretty girl in our courses who used to throw around Nortel. I was the conservative type. Even the province of Ontario was hiring at $45,000 per year. I accepted a job at $38,000. I had only been interviewed by Dupont and by IBM and the oil company. Strategy. Oil companies do not go out and pay a lot. Oil companies usually go for top grades. My GPA was pretty good and I knew that in the end I would get money.
My friends who chose $7,000 over what I had chosen were soon out of the work force. I had a solid business background and quick money was not an option. Nortel is no more. And imagine when Nortel was bought out, LBO kicked in and apparently it had not been paying pensions and could not pay pensions.
Registered Pensions in Canada are serious business. Nortel had jumped some hoops and not funded the pension plan for their employees.
<< Nortel Networks Corporation, formerly known as Northern Telecom Limited, Northern Electric and sometimes known simply asNortel, was a multinational telecommunications and data networking equipment manufacturer headquartered in Mississauga,Ontario, Canada. It was founded in Montreal, Quebec in 1895. At its height, Nortel accounted for more than a third of the total valuation of all the companies listed on the Toronto Stock Exchange (TSX), employing 94,500 people worldwide.
On January 14, 2009, Nortel filed for protection from its creditors in the United States, Canada, and the United Kingdom, in order to restructure its debt and financial obligations. In June 2009, the company announced it would cease operations and sell off all of its business units. The period of bankruptcy protection was extended to February 2, 2013. As part of the bankruptcy proceedings in the United States, Nortel Networks Inc. publishes monthly operating reports outlining cash receipts and disbursements.>> Wikipedia
Nortel was sold piece by piece. Patents are money makers.
Martha Leah Nangalama
I marry IT to business. Information you could use.
We also traded Enron and Research In Motion and the little girls always called the sell or buy. Amazing kids but they were fully literate before going to school.