RE: Selling the Crown Jewels!23 Feb 2022 12:52
Cellnet was sold to pay the wages in the preceding months of the time, so I guess it kept the company afloat?
That’s ball****s.
As LB said, after the .com bubble burst BT had amassed circa 28 Billion of debt that included about 9 billion split between the O2 3G licence and a tie up in America with AT&T.
To bring the debt down the sold O2 Yellow Pages and all the estate and leased it back.
The then CEO Bonfield eventually resigned or probably pushed and still draws a pension of around £600,000 pa ffs.