The fire sale at Bombardier (Bombardier Stock Quote, Chart, News, Analysts, Financials TSX:BBD.B) continues with the shuttering of the Learjet, but what\u2019s emerging from the ashes should have a much better chance at longevity. So says Michel Nadeau of the Institute for Governance and former head of Caisse de d\u00e9p\u00f4t, who puts the blame on management for Bombardier\u2019s failures in trains and planes. Montreal-headquartered Bombardier announced its fourth quarter and full year results on Thursday, showing revenues from its Business Aircraft segment of $5.6 billion for 2020, up three per cent from 2019. At the same time, the company announced it will end production of the storied Learjet aircraft later this year so as to focus efforts on the Challenger and Global lines. It\u2019s the latest in a series of moves in recent years that have taken Bombardier from a global force in transportation with over 70,000 employees to a much pared down version with now reportedly 13,000 employees worldwide, as the company looks to control its debt and right the ship. \u201cWith our strategic repositioning now complete, we are very excited to embark on our journey as a pure-play business jet company,\u201d said \u00c9ric Martel, President and CEO in the company\u2019s fourth quarter press release. \u201cOur unmatched product portfolio, world-class customer services network, and incredibly talented employees give us a strong foundation to build upon. We are encouraged by our momentum in the fourth quarter and are confident in the actions we are taking to navigate through the pandemic and better position the Company for a market recovery.\u201d Q4 numbers saw Bombardier deliver 44 business aircraft for a total of 114 for the year, including 16 Global 7500 planes. The company said it generated $523 million in fourth quarter free cash flow from continuing operations before interest and taxes. For the year ahead, management has guided for adjusted EBITDA to be over $500 million as the Global 7500 program continues to grow. And while the company may be a shell of its former self, Nadeau says investors need to accept that this is the reality with the new Bombardier. \u201cThree years ago Bombardier was a multi-sectoral transportation giant with 70,000 employees. Now they sold their transportation business, they sold most of the commercial business and now they are focusing on upscale business jets,\u201d said Nadeau, speaking to BNN Bloomberg on Thursday. \u201cI think today we should forget the old Bombardier. We have a new Bombardier, a much smaller one with the just 7,000 employees and $5.6 billion in yearly sales, but that\u2019s the new reality,\u201d Nadeau said. \u201cI think \u00c9ric Martel is really trying to focus on the brands. Bombardier has two brands, Challenger and Global. Learjet is a very old brand. It\u2019s 58 years old, and now they will stop producing them and we\u2019ll have a new Bombardier starting this year,\u201d Nadeau said. \u201cThey will have to face their debt \u2014they have a $4-billion debt\u2014 but I think they are in a good position to remain as a global player in the business jet environment.\u201d Much has been made about the Canadian federal and Quebec provincial government\u2019s support of Bombardier over the years, with the consensus seeming to be that taxpayers haven\u2019t gotten their money\u2019s worth, especially now that the Canadian company is no longer competing with the likes of Airbus and Boeing, having last year sold its C-Series program, years in the making with plenty of public funds at its disposal, to Airbus. Reflecting on the way Bombardier has dealt with challenges over the years, Nadeau says it all came down to production and the company\u2019s inability to deliver and grow the business. \u201cOn the management, we had the feeling that nobody was projecting an image of growth. They were selling planes and Bombardier planes take off every ten seconds around the world we forget that a corporation should be productive and should be performing, and Bombardier unfortunately was too big for the type of management they had at that time,\u201d Nadeau said. \u201cThey tried to fight against Airbus and Boeing but unfortunately they failed. But now they do understand that the only way to survive is really the business jet,\u201d Nadeau said. \u201cThe global 7500 Craig, it\u2019s a marvellous plane. It\u2019s fantastic. I think they are able to compete in that market,\u201d he said. \u201cUnfortunately, the support of Quebec and Ottawa was not enough for them to compete with Airbus and Boeing, but now we have this new reality.\u201d Bombardier reported fourth quarter revenue from its business jets of $2.337 billion compared to $2.412 billion a year earlier and a net loss for the quarter of $337 million compared to a loss of $1.719 billion a year earlier. Bombardier finished 2020 down 75 per cent to $0.48 per share. So far in 2021 the stock is up 27 per cent.