Sounds like a good deal doesn't it? Well, it turns out that the rich get richer and the middle class get nothing. Mitel went public (Ticker symbol: MITL) on April 22nd, 2010. They hoped for $18 to $20 a share, it started at $14 and today, less than a month later it's hovering around $ 11.50, probably the reasonable value.
One week before they went public I received in the mail notice of a 15 to 1 Reverse split of my common shares. Basically, if you purchased 1000 common shares through the employee stock purchase program you now have 66 shares. If you bought them for $3500 they are now worth based on today's stock price, $770.22. Yes, every Mitel employee got this "deal". I'm sure not about the big wigs, they probably had something other than "common" shares (I believe they are called Preferred Shares) and probably didn't have to trade those in so I'm sure they made out like bandits.
Welcome to the middle class. Bend over.