Press release snafu burned $2 million per day of Nortel creditor cash

$30 million of Nortel creditor value incinerates in only 5 days.

Earlier this week All About Nortel blogger - Mark Evans revealed a press release snafu that appears to have burned $2 million per day of Nortel creditor cash ($6 million per day of "value burned" when factoring in shares to be issued by Ciena to Nortel creditors).

How so you may ask?

Well, Evans presented evidence of a Ciena press release issued on Friday, October 2 (but quickly withdrawn).

Ciena's October 2, 2009 Press Release That Was Withdrawn:

According Evan's blog story:

"Here’s the press release that Ciena apparently released last Friday to discuss its purchase of most of Nortel’s optical and Ethernet assets. The press release was quickly pulled, and replaced with another one that Ciena was in discussions with Nortel."

Fast-forward 5 days to Wednesday, October 7:

Ciena released a new press release that shaved $10 million in Nortel creditor cash ($30 million of "value burned" when factoring in shares to be issued by Ciena to Nortel creditors).

Ciena's New October 7, 2009 Press Release:

Related stories:

Ciena was prepared to pay millions more for Nortel's Metro Ethernet business

Ciena to buy Nortel unit for $521 million

So what do you think is the moral of this story?

BradReese.Com Cisco Refurbished - Services that protect, maintain and optimize Cisco hardware
Contact: Brad Reese | Twitter: http://twitter.com/BradReese

1. Did the market for Cisco TelePresence hit a brick wall?
2. Why aren't more people using Cisco's IP SLA?
3. Juniper is about to make a strategic blunder
4. A 10 year historical perspective on the worldwide CCIE count
5. Zero Security CCIEs have been added to the worldwide CCIE count over the past three months
6. John Chambers slams Cisco with $2.3 million in private jet expense
7. Cisco's taking a beating in the Carrier Ethernet Switch/Router market
8. Should you steer clear of grey market Cisco CCIE training companies?
9. What's the biggest firewall issue for enterprises?
10. Are Janus Friis, Niklas Zennstrom and Mike Volpi the three stooges of tech litigation?
11. Vote for the best Cisco NetFlow hip-hop video on YouTube
12. Cisco retail collaboration benefits calculator
13. Skype is on its way to becoming one of the most important companies in the world
14. The sordid tale of Cisco's new board director Arun Sarin and disgraced Wall Street analyst Henry Blodget
15. Is the new Cisco Product Quick Reference Guide destined for the New York Times Best Seller list?
16. Can you see John Chambers directing Cisco to buy Alcatel-Lucent?
17. F5 clobbers Cisco in application delivery controller market share
18. Test Cisco NetFlow collectors and exporters with a free tool kit called Flowalyzer
19. Cisco NetFlow is a must have for managing virtual applications in the cloud
20. View Brad Reese on Cisco Story Archives

• Cisco
• LANs / WANs
• All About Nortel blogger - Mark Evans
• Factoring in shares to be issued by Ciena to Nortel creditors
• Nortel’s optical and Ethernet assets
• Shares to be issued by Ciena to Nortel creditors