Bruce Campbell (1)Nortel ASNTEL.TODON'T BUYMar 06, 2006
He does not own this stock any more, he sold it when the new CEO was announced. The company has been semi-secretive. Still behind, a bit disorganized. Not enough focus on the business. Will take some time.
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If you own the stock, you are playing that there is some value in the assets they own. The company is not a going concern. Have a huge deficit hole in their pension plan. Individual parts of the company may be better being sold off.
Has about $4 per share in cash. They are thinking of selling an asset that would raise about another $1 billion, which would add another $2 per share in cash. However, the overall quality of the balance sheet is as bad as he has ever seen it. Speculative.