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Paolo Gorgo  

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  • A Glimmer Of Hope For A Nokia Comeback As A Smartphone Producer In 2016 [View article]
    not sure I have the competence to analyze the "remaining" of Nokia.

    Probably more interested in digging into the merger better.

    Loved your recent article, by the way.
    Sep 9, 2013. 03:15 AM | 2 Likes Like |Link to Comment
  • A Glimmer Of Hope For A Nokia Comeback As A Smartphone Producer In 2016 [View article]
    >Simple answer-They were probably paying 7-8% interest on the loan they took out to buy out siemens, MS money on first draw is 1.115%- common sense says get Microsoft to finance it.

    Let's have a look at some details of the deal:

    Microsoft will also immediately make available to Nokia EUR 1.5 billion of financing in the form of three EUR 500 million tranches of convertible notes that Microsoft would fund from overseas resources. If Nokia decides to draw down on this financing option, Nokia would pay back these notes to Microsoft from the proceeds of the deal upon closing.

    The transaction is expected to close in the first quarter of 2014.

    I still read in-between the lines something more than interest saving. And the bonds were draw just two days after announcing the deal.
    Sep 9, 2013. 02:10 AM | 2 Likes Like |Link to Comment
  • The Nokia Shorts Were Right All Along, And Fatally Wrong At The Same Time [View article]
    Great article.
    Sep 8, 2013. 11:08 AM | 5 Likes Like |Link to Comment
  • A Glimmer Of Hope For A Nokia Comeback As A Smartphone Producer In 2016 [View article]
    To summarize, it's probably too soon to say if the 3 remaining Nokia business units represent how Nokia will look like in the future - I wouldn't be surprised if the company made other moves in the next few months.

    As to a price valuation of the new Nokia, I still haven't analyzed all the moving pieces, and I'm afraid I can't really offer any opinion, especially as I am expecting Q3 to deliver interesting additional information about the company.
    Sep 8, 2013. 10:26 AM | 2 Likes Like |Link to Comment
  • A Glimmer Of Hope For A Nokia Comeback As A Smartphone Producer In 2016 [View article]
    Your comment doesn't explain why Nokia felt the need to ask Microsoft to support the acquisition with a $2 billion cash advance:

    >If we needed some more confirmation of how urgent the financial situation was over at Nokia, we got a glimpse of it today. The company announced that it would be drawing down the €1.5 billion ($2 billion) in convertible bonds offered to it by Microsoft earlier this week at the same time as the announcement of its $7.2 billion acquisition of Nokia’s mobile phone business.

    http://tcrn.ch/1cVbev4

    Recently, Bernstein raised doubts about Nokia's cash position:

    Nokia's (NOK -3.4%) cash position is "less comfortable than it looks," Bernstein argues, saying that the company's Q2 net cash flow of €3B at its handset division doesn't take into account "a number of hidden liabilities."
    Nokia's negative operating working capital, expenses, provisions and the money it owes Microsoft represent €4.8B of obligations that aren't reflected in the net cash number.
    In addition, prepaid expenses of €2.1B could be worth nothing if adjusted for "likely write-downs."
    Bernstein "wouldn't be surprised" if Nokia announces another restructuring and a strategy shift by the end of the year.

    http://seekingalpha.co...
    Sep 8, 2013. 10:16 AM | 1 Like Like |Link to Comment
  • A Glimmer Of Hope For A Nokia Comeback As A Smartphone Producer In 2016 [View article]
    delphinus, knightrader19, milakletsky,

    thanks for your kind comments.
    Sep 8, 2013. 10:08 AM | Likes Like |Link to Comment
  • Steve Ballmer's Leaked Memo To Microsoft's Management (Fake But Realistic) [View article]
    You might have missed the joke contained in the same sentence:

    There is a small possibility that this memo is a fake: for example, an analyst we contacted for a comment told us, off record: "I doubt Steve has such a clear vision of Microsoft's problems".
    Sep 5, 2013. 09:56 AM | 5 Likes Like |Link to Comment
  • Steve Ballmer's Leaked Memo To Microsoft's Management (Fake But Realistic) [View article]
    Author's pick: your comments about MSFT owning the enterprise on the desktop and a large segment of the server infrastructure is correct.

    However, a decline can also be very slow - the platform may not be burning, but the sea is eroding its foundations, every day...
    Sep 5, 2013. 09:53 AM | 1 Like Like |Link to Comment
  • Steve Ballmer's Leaked Memo To Microsoft's Management (Fake But Realistic) [View article]
    Fake is in the headline - you don't even need to open the article to know it...
    Sep 5, 2013. 09:47 AM | 1 Like Like |Link to Comment
  • Steve Ballmer's Leaked Memo To Microsoft's Management (Fake But Realistic) [View article]
    You are correct, this is basically the famous Elop's memo "adjusted" to MSFT.

    However, I think you're wrong saying that Microsoft isn't copying Apple: the most recent reorganization (MSFT branded hardware, moving to a functional organization rather than a divisional one like in the past) is an indication of a strategy very similar, on the surface, to AAPL.
    The fake memo contains a few links which are very interesting to deepen your insight on these aspects.
    Sep 5, 2013. 09:46 AM | Likes Like |Link to Comment
  • Steve Ballmer's Leaked Memo To Microsoft's Management (Fake But Realistic) [View article]
    This fake memorandum is based on Elop's infamous "burning platform memo" at Nokia - linked at the beginning:

    http://engt.co/XRWKW6
    Sep 5, 2013. 09:35 AM | 2 Likes Like |Link to Comment
  • Microsoft's Nokia Acquisition Means Doubling Down On A Mistake [View article]
    Interesting comment -time will also tell if a Nokia Android phone will ever be released in the future.
    As a side comment, Nokia HERE could also benefit from opening to other OS, i.e. iOS and Android.
    Sep 3, 2013. 10:49 AM | 1 Like Like |Link to Comment
  • Microsoft's Nokia Acquisition Means Doubling Down On A Mistake [View article]
    True, and that was probably part of the reasons why MSFT had to move and buy NOK right now.
    Sep 3, 2013. 10:44 AM | 1 Like Like |Link to Comment
  • Jamba Juice: Why Q2 (Company Store) Sales Don't Really Matter [View article]
    Christopher, westernbuddha,

    thanks for your comments.
    Aug 27, 2013. 04:01 AM | 1 Like Like |Link to Comment
  • Axion Power Concentrator 261: August 18: 10Q Filing For Q2; Two Axion Forbes Articles; John Petersen On PIPE Mechanics & Incentives [View instapost]
    It may still be quite challenging for Valence to compete against entities like A123 with a deeper pocket.
    Berg is exchanging his $50 million credit for the complete ownership of the company, he's investing another $20 million and remains a creditor for another old credit of $20 million. And writes down all his shares, too.
    His plan since the beginning, probably.
    Aug 22, 2013. 08:56 AM | 2 Likes Like |Link to Comment
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