Nortel Networks (NT) Message Board

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Technology Stocks : Nortel Networks (NT)

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To: Kevin Rose who wrote (13751)	3/15/2004 3:21:27 PM
From: The Ox	Read Replies (2) of 14638

I don't know exactly why they suspended the CFO but here are my thoughts on the subject. I suspect that the mistake(s) made is enough to justify getting someone more competent. It's simply a matter of cutting your loses and placing the blame. The stock is down 30% because of this fiasco and that's probably enough to justify sacking the heads of finance and accounting. Even if the restatement doesn't materially alter their previous quarterly releases, the black eye given to the company for these mistakes have put NT in a very bad situation. Their debt load is relatively heavy. Anything that might stand in the way of, or cause a delay or default in the process of, refinancing is another burden for the company. They are taking NT out to the woodshed...down 17% as I type this. Sell first, figure out the answers later... That's the street's reaction.

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