x
Europe

Mike Z Wants $12M

9:45 AM -- Mike "Zed Man" Zafirovski, the former CEO at Nortel Networks Ltd. , has filed a $12 million claim against the Canadian vendor, reports the Ottawa Citizen. (See Mike Z. Steps Down at Nortel.)

He is claiming severance money, bonuses, and two-years salary. This is unlikely to endear him to the remaining rank-and-file Nortel staff, or those who have already lost their jobs without redundancy payments and who now fear they may also lose their pensions.

Zafirovski left Nortel once the fire sale of the company's assets began in earnest. (See ITU: Ciena Bids $521M for Nortel's MEN, Nortel to Sell GSM Biz, Nortel's Next Auction: The Packet Core, Avaya's $900M Bid Wins Nortel Auction, and Ericsson Delivers Knockout Blow to NSN.)

There's one piece of good news for Nortel et al, though: Reports suggest the company has come to an arrangement with the U.S. authorities over an outstanding $3 billion tax bill, and that details of an agreement will be announced soon. (See Nortel Fire Sale Update.)

— Ray Le Maistre, International News Editor, Light Reading

DCITDave 12/5/2012 | 3:54:23 PM
re: Mike Z Wants $12M

I agree Mike Z looks like a jerk for filing such a claim, but...


Nortel is notorious for making bad deals. So I have to wonder what Zed was promised to make him feel like he's entitled to more cash (from a company he helped drive into bankruptcy).


 

boozon 12/5/2012 | 3:54:22 PM
re: Mike Z Wants $12M

Good point, Phil.


But this is only half of the story; the other half being: what did he promise to them?


I'm not aware of any CEO that can claim bonuses for driving his company into bankruptcy... Do you?


If that clause existed in the contract, any monkey (I really many any, not the glorious LR one) could be fit for the job and...get the money.

HOME
Sign In
SEARCH
CLOSE
MORE
CLOSE