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Category Archives: Legal Issues
NRPC Disappointed with Judge’s Decision
Not surprisingly, Nortel Retirees and Former Employees Protection Canada is disappointed with an Ontario judge’s decision to approve a settlement agreement between Nortel and representatives of its retirees, terminated and long-term disabled employees that would have provided retirees and people on long-term disability with “significant concession”, including a “stay of execution” until later in the [...]
Long-Term Disability Employees Lose Deal
A controversial $57-million deal struck last month between Nortel and employees on long-term disability has been tossed out by an Ontario Superior Court of Justice judge because it is “flawed” and unfair to other Nortel creditors. Judge Geoffrey Morawetz rejected the deal, which would have extended health and long-term disability benefits until September and given [...]
U.S Trustee Balks at Bonuses
It looks like the incentive bonuses that Nortel wants to give to its remaining employees over the next two years may turn into a battle. According to BusinessWeek, acting U.S. Trustee Roberta DeAngelis is objecting to the $55.6 million of retention and incentive payments for 866 employees, describing them as “extraordinary”. The payments are part [...]
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. [...]
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 [...]
Google Asset Sale Approved