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New Shares to Hit the Market

May 11th, 2008 ·

The Ottawa Citizen ran an interesting story a couple of days ago looking at what might happen to Nortel shares when 33 million new shares hit the market next month.

These shares, which represent 8% of the total outstanding, are part of the settlement of class-action lawsuits. Since a deal was made two years ago, their value has dropped to $1.1-billion from $2.5-billion.

According to the Citizen, Nortel CEO Mike Zafirovski has spent $1.7 million over the past year buying stock at prices ranging from $8.30 to $16.

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