A CNET Nortel story this morning was pretty shocking as this company has delayed reporting its financials by a month. Last winter, Nortel invited a number of analysts to talk about how great things were going with the company. I wrote up a glowing report titled Nortels Bright Future. I wasnt alone as I read similar stories from other people at the meeting. Soon thereafter word of the accounting scandal broke and CEO Frank Dunn and other senior managers were terminated for cause. The timing of the analyst meeting and the scandal couldnt have been worse and this meeting left many of the participants in this meeting with a bad taste in their mouths for obvious reasons
Having worked with a good deal of Nortel people over the years, I know they have a great team. I am however concerned that this mess is continuing as it isnt good for telecom in general. VC money is beginning to come back into this space and anything that can slow the pace of money fueling the next generation of VoIP, speech and other products should concern us all.
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