Nortel files for bankruptcy protection

They are gonna carve them up like a turkey. There goes another major Canadian company and a bailout will be out of the question.

The road to hell

Nortel was once a company worth more than 300 Billion. Half the US bailout.

Stock yesterday was 12 cents, from a high of $127. But it's rebounded a bit today! We haven't quite lost hope. "I'm not dead yet!"

Don't keep your hopes up for this dodo - it was rife with corruption - really crappy 'tudes - and massive over-spending in all the wrong places.

Sad really, but the bright sparkes, and there are a good number, will survive and get snapped up.

You completely and entirely brought it upon yourself.

Nortel - sigh-an-arra!

Too bad. . . .

First in a series,Teck Cominco is laying off and the mines here got rid of all temps,shutdowns up to a month for each of their mines is coming in the next week or so.Layoff notices have been mailed out,China's not buying any more coal.

Are they unionized like the auto workers?

Yes but that's a whole new topic.

Once probably the most radical union in the west,the United mine workers of America.

And after the standoffs with management the mine just shut the doors,the workers lost 30 years of pensions and their jobs.

Now they know how to cooperate,they do work sharing,plan shutdowns to optimize for maintenance and school holidays.
They know no bailout will come.Theres 5 huge open pit strip mines in the elk valley and Teck Cominco owns every one of them now.They can ship and blend coals back and forth between their mines and the workers are now working in any mine instead of just one for life.

But all it takes is for the Chinese to ask for a price reduction and if they dont agree they just wont send the boat.