Once bitten twice shy I would think, especially when NT is contractually obligated to lose a further 50%. What's that another $133M loss? They just paid a further 11M premium for Zafirovski, Pusey just got a huge bonus too as per a recent 8-K filing, Deroma isn't leaving broke, they arn't paying the bonuses back of a few hundred million but they will cut headquarters, manufacturing that generated income for the number employed there, and even slash R&D in the name of "keeping good people". I hardly think they might entertain further losses with gambling ventures failing and outlook far from stellar. Especially when rapidly declining 3 billion cash, if that by February, must pay $1.3B debt should they be unable to refinance. I don't even want to get into the fines and lawsuits they face. How will Mike react and is he able to so freely. Will this unproven and unexperienced board untie this never before CEO's hands to do what he likes. If only Mike's background lent better insight into what we can expect. After all who is this guy? Kindly forgive my sinicism and bias masked by what is superficially objective here =) "Mike Zafirovski immigrated to the United States in 1969 without knowing a word of English. Just two years after leaving Macedonia, he began his studies at Edinboro University graduating with a bachelor’s degree in Mathematics. Zafirovski went to work at General Electric for 24 years in progressive around the globe. In June 2002, he joined Motorola when it increase market share and return to profitability." He has soul, spirt, understandably well loved among his peers. He has worked up through the ranks and has proven himself at many capacities. As a jogger he keeps the mind alert by maintaining a fit body. Aware, a go getter, why not give him a shot at becoming a CEO for once in light of his track record. So when did this pinicle or awareness and achievement first fail? Was it the split second he had absolutely anything to do with NT or was it when Motorola passed him by for promotion. Just recently Mr. Owens admitted he was not asked to step down which raises even more questions I struggle to dismiss had nothing to do with his ethics. Perhaps a mirror of Gary's reasons with the same polite ommissions as to why. The head of enterprise Malcolm Collins also just suddenly departed in silence before the arrival this new CEO. In light of the CEO turnsile, how long can Mikey last with his substandard credentials and stellar record. It must have been painful to be portrayed as a fraud or liar and this is ironic given how everyone views NT. He violated a written agreement which I think shows more rebel defiance than soul. An ambiguous and controvertial term Owens used, even in philosophic circles =) Mike must repay the 11 million to Motorola but they may as well have sued NT since they are footing the bill for him. He was also passed by for promotion which was a downfall in his upward rythm. Lets hope the bad luck isn't ongoing like Nortel's. His accomplishment are applauded by the very results furnished under given circumstances but these circumstances are radically different now. Before even starting at Nortel he was overly optimistic which was disheartening given NT's endless contradictions, However, he recently admitted there are great obsticals and challenges NT still faces. This spark of honesty and reality expressed is refreshing amidst the traditional rehtoric his post commands, as ironic as this may superficially appear =) Given the dire position Nortel has wedged itself in and what it faces them, there is no magic pill. The sector is rapidly changing and increasingly competitive. We clearly see ALL new business avoiding them like the plague. Even BSNL squabbles with lower priced competitors over support and tenders 10 times their lost leader in what appears ruthless price sensitive expectations. I wonder if Nortel shot themselves in the foot and the sector for that matter by setting the specs (requiring 10 years international experience with their lost leader) and a bad precedent selling below cost. This future IP that Nortel wants a part of is moving ahead quickly and without NT as it forever attempts to heal itself, just to try and look as though it is in the race at all, struggling even harder as time and events progress. When it was a great company it evolved from the brilliance in innovation to manufacturing. Still boasting its roots, it is reknown for Alaxander Grahm Bell, Northern Telecom, the giant strides as a great Canadian manufacturing company is all gone now, totally, something most can not accept or acknowledge, further dampened by trying to extract from this company the dying lifeblood cash that was critical when it did appeared it was on the mend. A tiny step forward to be hit by so many giant strides back. Why were the masses forced to suffered when they can't afford this magnitude of punishment pay, something they must contend with before ever remotely moving forward as we see good people suddenly leave in ongoing events... In light of these dramatic changes to this ruined company, perhaps it is too late to salvage what is already on palliative care. Not even Mike can play god here. He'd be crazy to try and compete in price sensitive India again. Zibberofski has already clearly indicated recently that Nortel is too overworked for the margins they are generating, like he can improve this. If he tendered India above what he is contractually obligated to lose, he would be be contradicting his objective, and shooting themselves in the foot further for the dear and rapidly declining cash they have left. It was too easy to burn in in gambled ventures and acquisitions with "no substantial returns", as they claim they are "learning", even more hard lessons I suspect. Shame so many still hold to benefit them to this very day with a high stock price. Holding from the huge residue since the fraud/lie that cause such a monster rally. Who else could get away with this fraud? A share value they dilute into 100M shares annually... Never mind the company or paying themselves anymore, let them pay the defrauded first, then let them trade, especially those who plunked their life savings and pensions down on a fabricated overstated income for a their cash bonuses and gain they have not repaid to this day, worst yet continue to pay under weak internal controls the auditors condemn. Good luck regaining credibility.