Nortel sold manufacturing they are having trouble getting paid for as we keep hearing next, year, next year... only partial payment at that... and now we learn they don't want it all either. Announcing cutting almost 70% of R&D (20 of 30 centers according to Owens) right after losing the $19 billion British telecom (BT) tender doesn't look good for the future. They attributed poor wireless performance due to Cingular loss, I wonder what impact BT will have. BSNL is a lost leader too tendering 5 times their initial money losing order to lower priced competitors like Huawei. They arn't the most transparent equity in the marklets but we have yet to hear about the savings from the severences ending last June. They still seem to have no plan announced a year later and with Garys leaving I hardly think a passed by disgruntled CEO who lied in a contract has any magic pill to save them intheir esculating struggle with losing ventures. The closing of headquarters was anticipated, expected, and the stock reaction indicated the market was in denial or has poor retention. This should not have come as a shock, it was expected, look what elese they cut... everything (death spiral) How will it react if criminal charges are announced, debt must be paid from rapidly declining cash when no one refinances losing operations, unreliable numbers, negative outlook, huge fines, billions in settlement for the fraud class action currently being amalgamated in the U.S., etc... These are all events we anticipate, like the selling of HQ, let alone the multiply more suprises we do not like Owens, Collins, Garys, Deroma leaving or Mike getting sued. This market with a horrible process of recall may take this stock for another ride yet in light of this and eventually even shake out even those tenaciously holding since the fraud of 47X bogus P/E to make even lower lows and provide a less than enticing compensation for Mikey Z, if he ever really does start. Too many ambiguities paired with ongoing bad news there. The Chief legal officer suddenly retiring before NT's largest lawsuit makes as much sense as paying bonuses on 2005 which earned even less than 2004 to date... this Q205 gain if 2 cents per share seems out of whack even if they did increase revenues by asset sales, paying customers more to take their product with falling margins, and old receivables coming in. I wonder if this is why people are leaving... lights on but no one's home... who will be the last one to turn off the lights now... the trustee or Mike Z., if he ever really does start that is.