Canadian wireless infrastructure giant, Nortel, has been in dire economic straits lately, having filed for bankruptcy in January and consequently axing their WiMAX program. The vultures are circling, and the biggest one is Nokia Siemens, who, according to a recent report, is eying Nortel’s CDMA, VoIP and R&D divisions. Three bidders came to the table looking at Nortel’s enterprise division, but we’ll have to wait and see how their bankruptcy advisor, Lazard Freres & Co., manages the deal. There are creditors being kept at bay by the bankruptcy protection, and Nortel is dropping prices on their products and services to quickly make up that money. Back in their hay-day, Nortel was kind of a big deal, but o, how the mighty have fallen. Hopefully Nokia-Siemens will be able to puts what’s left to good use.