Nortel Files for Bankruptcy
Canadian telecommunications company Nortel has filed for bankruptcy protection in both the U.S. and Canada. Nortel CEO Mike S. Zafirovski, said in a statement, "Nortel must be put on a sound financial footing once and for all." Nortel recently reported a $3.4 billion loss for the third quarter of 2008, has been unable to sell one of its divisions, and has seen its stock price erode from $123.10 to just 4 cents per share after nearly 10 years of restructurings and write-downs. The possibility exists that Nortel will not be able to garner favorable terms while it restructures under bankruptcy protection and may be forced to liquidate its assets. Nortel provides wireless network operators with networking gear.
BlackBerry Sues Nokia Over Patents
BlackBerry filed a patent infringement lawsuit against Nokia this week. BlackBerry claims Nokia is using its patented technology in select telecommunications equipment that Nokia sells to network operators, such as T-Mobile, without the proper licenses.
Apple's Patent Consortium to Sell 4,000 Patents for $900M
Rockstar Consortium, a patent-holding company headed by Apple, has agreed to sell more than 4,000 mobile patents for about $900 million. Apple and partners Microsoft, BlackBerry, Ericsson, and Sony paid $4.5 billion for more than 6,000 patents from Nortel four years ago in order to help protect against litigation.
RadioShack Declares Bankruptcy, to Sell Stores to Sprint
RadioShack today filed for Chapter 11 bankruptcy protection and signed an agreement to sell approximately 1,750 of its stores to Sprint. Under the terms of RadioShack's Chapter 11 filing, RadioShack will sell the stores to Sprint and General Wireless, a subsidiary of one of RadioShack's major investors.
Sprint Falls to Become No. 4 US Carrier
Sprint reported its second quarter earnings today and the numbers reveal it has fallen behind competitor T-Mobile in the total number of customers. T-Mobile, which gained a total of 2 million new customers during the second quarter, reported a total customer base on 58.9 million.
They use to own
Expected, but I am surprised it took this long to file