Nortel just announced they are filing for bankruptcy...the end of the Canadian tech behemoth, and the final chapter in a storied run. At one point in the gogo tech boom of the late 90's, Nortel's market cap was close to half trillion and that value represented 38% of the entire market cap of the TSX. Nortel burned a wide hole in many Canadian investor pockets and destroyed billions in capital.
See ya.
Nortel and all companies with broken business models need to be left alone and let die. This artificial rescuscitation of broken companies is the exact wrong antidote. Throwing good money after bad has never been a good idea...case in point GM announced yesterday (in a quiet soft shoe manner) that the current allocation of bail out money will probably not be enough. Surprise, surprise, surprise.
- Rinx
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