In a conference call this week, an ABI researcher called out Nortel for spending an hour rambling on about how monetizable its assets are.
ABI’s Nadine Manjaro told company representatives everyone on the call appeared to be listening to nothing more than a sales pitch, rather than news and information about the company’s future. She claims the bankrupt giant is simply trying to fend off negative press and increase the number and value of bids coming in for its assets.
The only bid made public so far for the wireless assets is from Nokia Siemens, which is offering $650 million, considered low by many standards. We’re still waiting to hear a proposal from MatlinPatterson Global Advisers, a Nortel creditor who has claimed a bid is coming.
Bids must be submitted by July 21 and an auction will follow on the 24th. Nortel has suggested there are other offers waiting in the wings, but none has been made public.