So... After waiting 10 months to hear something about NewCo, Pat comes to the all hands saying there is going to be a delay and we should stay "customer focused".
C'mon - didn't Steve Martin already wear out the European works council excuse and then give a rallying cry for customers? You've really got nothing else? Pathetic.
Pat you need new advisors!! You are using the same "executives" who advised Bill Ruh and Steve Martin - and they are making you look foolish, just like they did those guys.