Three years ago, Nortel held its AGM in Halifax. It was a raucous affair that lasted 4.5 hours as shareholder activist Robert Verdun peppered CEO Frank Dunn with questions about the company's financial statement, while fending off the Roberts Rules objections raised by chairman Red Wilson. Anyone who thought Nortel's 2004 and 2005 AGMs next week would be a walk in the park will be disappointed. In a press release today, the company said the event in suburban Toronto is "expected to last most of the day". Given it starts at 10 a.m., you wonder if there will be a couple intermissions, and whether they will be serving lunch and dinner. If Nortel is smart, it will take its lumps from shareholders, and not attempt to orchestrate the meeting. This means accepting the fact angry, disappointed and puzzled shareholders will have plenty of questions about the company's accounting scandal, the firing of Dunn, and the vision for the future. If Nortel follows this advice, it could score some much-needed points with investors and analysts.

I can remember going to a conference in San Francisco four or five years ago where Larry Ellison, Steve Jobs and Scott McNealy enthusiastically talked about the network computer. Today, we all realize the dummy terminal never materialized. Instead, laptops have become more powerful with more powerful processors, larger hard drives and better graphics. Still, there are people who think dumb terminals will emerge as more companies - worried about security and regulatory issues - seek ways to give mobile employees access to data without having it leave the firewall. Toronto-based Route1 Inc. is developing software that offers access to corporate data over a wireless connection. Initially, Route1 is selling a $199 a month subscription service using hardware made by Psion Teklogix. The company, however, believes the software will be integrated into other devices such as smartphones using the Windows Mobile OS. Route1's sales pitch is that mobile employees get what they need while CTOs centrally control data. Only time will tell if the dummy terminal model will gain any traction this time around. A key issue is whether businesses are willing to pay $199 a month just so employees can enjoy wireless, secure access.

With all due respect, if you're looking for insight into why Gary Daichendt walked away as Nortel's COO, an "exclusive" in today's Globe & Mail will probably leave you disappointed. While interesting, the reason for Daichendt's departure is still unknown. The G&M story suggests he proposed a restructuring plan to Nortel's board with an accelerated schedule with "increased emphasis on certain product areas". Instead, the board rejected the plan and told Daichendt he wouldn't get the CEO job right away. So, what were the certain product areas? Did Daichendt want Nortel to make some aggressive moves in the enterprise market - a business he knew intimately from his days at Cisco? Did he propose to sell off the UMTS and/or GSM parts of the wireless business? Was he dismissive of the $448-million of cash that Nortel spent buy PEC Solutions, which comes in as 66th among the U.S. government's top-100 prime contractors? Why didn't Daichendt stick it out given he had a contract with a long-term bonus structure? Wasn't he given assurances by the board he would be made CEO by a certain date? You figure all of these issues would have been addressed during the recruitment process. Remember, Daichendt didn't need the Nortel job because he left Cisco as a multi-multi-millionaire. He would only have come out of a five-year retirement for specific reasons that had more to do with a professional challenge than financial rewards. What the G&M did today was highlight details that had been simmering in the investment community since Daichendt left earlier this month. What I'm seeking is the real story of what went down in the Nortel boardroom and executives suites.