Judges Approve $2.45 Billion Nortel Settlement In Accounting Sc...
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#1 Jan 3, 2007
After six weeks of intensive employment negotiations I accepted a position on October 22, 1999 with Nortel Networks in Simi Valley, California for $24k less per year.
The mother of my two sons (11 and 13 at the time) was in failing health and I had to be closer to home and family.
After five months of: aggressive investment encouragement, satisfied with what the Financial Analysts were saying, Nortel Networks Financial Projections, and the CEOs vision of continued prosperity, I rolled over my $262,000 401k.
In the last week of January 2001 Nortel Networks top executives made off with millions in stock sales profiting from knowledge not publicly disclosed to employees and investors while at the same time continued to aggressively encourage stock buying to their employees. Something was not right.
The Senior Director of Development held an all hands meeting. He stated that he would fire anyone spreading the rumor that Nortel Networks was going to close the Simi Valley operations. He went on to assure the staff that he had it right from the top that Simi Valley would continue operations for a minimum of two to three years without exception.
Two weeks later Nortel Networks closed the Simi Valley operations laying everyone off after a short 17 minute speech wrapped in a sport metaphoric delivery,The ball just didnt hit the wood. I must admit, Im glad I didnt have a bat that day. After the meeting everyone was alphabetically divided and sent to there respective rooms. Everything you needed to know was in the Q and A or in the perfectly assembled package.
In distress, I pleaded for a position on the seven months Transition Team in view of my family situation. A day later,Request denied, no exceptions, was the reply. It was over, but at least I had my 401k.
February 15, 2001 Nortel Network drops the bombshell they fell far short of previously stated targets. Can you imagine this devastation? We had been in a scandal the whole time. The stock value plummeted and everyone had been fooled, took, and robbed. The best of the best Financial Analysts were in denial.
On March 31, 2001 Karen passed away. Medical and funeral expenses had drained the remainder of the savings. On Unemployment I resorted to selling off personal assets. I did everything possible to hide the tragedy from my sons. Im sure they felt the emotional leakage at times.
I entrusted 25 years of savings to greed, deception, and scandal. My 401k rollover should have been null and void in every sense of the word. They knew what they were doing. I lost over $225,000 to corporate theft in seven months into a fourteen month employment.
I have never recovered a cent. One Attorney after another say there's not enough in it to pursue it.
I'm 58. You got to love it.
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