"The company also announced Monday that its board of directors will be reduced to three, from nine, and that it lost $274 million in the second quarter, more than double the loss of a year earlier."

That's right, from 9 to 3 board members. Granted they did file for chapter 11 and only have 30,000 employees and $2.5B in cash left over. Unlike ESI with 11 board members, 400 employees and a hundred times less cash than Nortel, ESI really does need all those board members (1 for every 36 employees) to keep employees from getting away with something they are not ready to have yet....MONEY!!!