The bloodletting never stops
This article in The New York Times about Lucent’s plans to lay off yet another chunk of workers has a very clear explanation about the potential financial pitfalls the company faces in the next year or two. My reading of this says that the company was pretty clever in some of the moves it took to ensure its survival, like issuing convertible bonds, but it may not make much difference in the long run. And those bonds are not going to be good news for shareholders, as the value is diluted even further. Now I understand why the stock dropped more then 30% yesterday.
I feel bad for the many friends I still have on the inside there. I thought morale was in the toilet when I was laid off last December, but based on what I’ve heard from my friends, it’s miles lower now, somewhere in the lower reaches of the septic tank or something.
Posted at 5:59 AM