Marconi shares hit bottom of the pit

NEWS Troubled telecoms firm Marconi has appointed a new set of advisors after dumping Credit Suisse First Boston and UBS Warburg last week. Investment house Lazard will head the team consisting of Morgan Stanley and Cazenove. PR firm Bell Pottinger has landed the onerous task of talking up the company. The company's former financial advisors were ditched after a steady decline in share value saw prices almost obliterated. At its lowest point shares slumped to 17p compared to a 52 week high of £12.50. Per Lindberg, analyst at Dresdner Kleinwort Wasserstein, said in a research note that Marconi shares were effectively worthless and urged shareholders to "give up all residual hope that Marconi will turn around." Marconi's debts now amount to £4.4bn. Judgement day is 12 October when it will release a trading statement on sales for the three months preceding September.