It looks like Nortel could be gone as a standalone company in the next few weeks according to published reports. The news is sad but true. It looks like Avaya or Siemens could pick up the enterprise pieces. The optical division could go to Fujitsu, Huaweii, Alcatel-Lucent or potentially a private equity firm. The wireless unit could go to NSN.
What is terrible about the situation from my perspective is the communications and tech spaces are doing well relative to most other markets. In other words, this downturn for these markets has not been terrible. And there is a chance we could see these spaces bounce back faster than other industries.
This IMHO makes the Nortel assets very valuable as they are going for bargain-basement prices and their upside potential is probably good.
I should mention that some of the companies on the list above are not known for their customer facing marketing... If you are one of those companies you will likely not see the value from the assets you pick up.
The real value here is to put a better sales and marketing engine in front of some of the best engineering around. If that is done it will be the best possible outcome for employees, customers and the acquirers.