A group of former Nortel executives want to buy the bankrupt company. There’s just one catch:
Under the group’s plan, Nortel would concentrate on building a high-speed broadband network across Canada after divesting a third of its operations, the CBC report states. It also says politicians have been "lukewarm" to the proposal.
Three members of the group are ex-Nortel President Bob Ferchat; David Patterson, a former Nortel director; and David Mann, a former Nortel vice president. The group has private capital but needs the government to float $1 billion in order to see its plan through, according to the CBC.
Well if the Canadian government wants to give me a billion dollars, I’ll be happy to buy Nortel.But to build a high-speed broadband network across Canada? Don’t we already have that?
Why would we spend a billion dollars to shore up a failed behemoth rather than create a nimble new startup to do the job? Do we want people who made Nortel what is it today running the company?
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