Marconi shareholders have been telling BBC News Online of their fury at having their investments virtually wiped out.

Some shareholders say they have lost nearly all their savings, and many are angry at the company's former chief executive Lord Simpson who they blame for the company's downfall.

We have lost all our savings and face a bleak future

Heather Hobden

It was Lord Simpson who took over at the helm of GEC - as the company was previously known - in 1996, and led the transformation of the business into a telecoms company.

For a while it looked as though the move had worked.

At the peak of the dot.com boom, Marconi shares were worth �12.40 each, valuing the firm at nearly �35bn.

But when worldwide demand for telecoms equipment dried up the company was plunged into crisis.

The shares are now worth less than two pence each, and following the agreement of a refinancing deal with Marconi's creditors, they will be virtually worthless.

Under the terms of the refinancing, existing shareholders will end up with just 0.5% of Marconi.

Employees suffer

Many Marconi employees bought shares in the company and have seen their savings wiped out.

Shareholders are angry at former chief executive Lord Simpson

Jo Tayler worked for the company for 10 years, and said she was "shell-shocked" having lost all the money she had invested in Marconi shares through the share option scheme.

Heather Hobden said her husband worked for GEC/Marconi for nearly 20 years.

"He thought he had saved carefully for his retirement," she said.

"Instead we have lost all our savings and face a bleak future."

Paul is another former employee who e-mailed BBC News Online. He echoed the thoughts of many when he said: "I believe George Simpson should be held personally liable for what he has done to this great company."

Lessons learnt?

Other investors said that Marconi had given them a sobering experience in the world of investing.

It's no wonder people are looking to put money into property when shareholders are treated like this

Gary, Marconi shareholder

"I foolishly decided to get a personal loan and put the lot into Marconi when they had crashed to 298p," said Nick, a Marconi shareholder.

"The price seemed good - now they are almost worthless. The experience has taught me never to gamble with the market again."

Another UK shareholder, Gary, said the experience could put people off buying shares altogether.

"I understand the risks of stock market investment, but it's no wonder people are looking to put money into property when shareholders are treated like this."

Little sympathy

Not everyone had sympathy for those who had lost out.

"I am a Marconi shareholder and I blame the shareholders who voted in favour of letting the company issue bonds," said Steve White.

"This happens in a lot of other companies and shareholders who vote in favour of corporate bond issuance could face a similar fate.

"If a company has faith in its strategies it should go to the shareholders with a proposal for financing through a rights issue."

And Bryan e-mailed to say he had "little sympathy" for Marconi shareholders.

"Owning shares is an investment but also a risk - shares do go down as well as up."