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Category Archives: Legal Issues
Paperworks Stalls Criminal Prosecution
Lost amid Nortel’s bankruptcy proceedings and the dumping of all of its assets is the fact that criminal prosecution against three ex-Nortel executives – Frank Dunn, Doug Beatty and Michael Gollogly – is still happening. The trio were charged by the RCMP in 2008 for allegedly cooking Nortel’s books to trigger a lucrative bonus structure.
The [...]
While Rome Burns, More Bonuses for Execs
Update: CBC (television) will be running a report tonight on its investigation into 72 Nortel executives getting additional bonuses.
If the Nortel soap opera could turn any more bizarre, the CBC has obtained documents that indicate Nortel launched a new compensation plan earlier this Fall that will see executives receive $7.5-million in addition to their 2009 [...]
Nortel: We Owe the IRS Nothing
After being hit with a $3-billion tax bill from the Internal Revenue Service last month, Nortel has fired back in a court filing, claiming there “is no reasonable or realistic basis for the IRS claim”.
“The IRS overstates the amount of income of the NNI Filing Group that could be subject to US federal income [...]
A Delay in the Auction Process?
For everyone waiting for the winner of the Nortel’s enterprise business to be announced, there may be a chance that you’ll have to wait until next week.
According to documents within Epiq Systems, Verizon Communications will participate in an oral examination on Sept. 14 in New York City at the offices of Nortel’s lawyers Cleary Gottlieb [...]
Frank Dunn’s Legal Woes
Given Nortel’s slow march into the abyss, a lot of people might have forgotten about Frank Dunn, the ex-CEO who was abruptly fired five years ago amid allegations of an accounting scandal.
Since then, Dunn has been involved in litigation after being sued, along with several other Nortel executives by the Securities and Exchange Commission for [...]
U.S Trustee Balks at Bonuses