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Category Archives: Legal Issues
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 [...]
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 [...]
Restructuring” “Where Does it End?”
As Nortel won court approval yesterday to reduce how much it has to pay pensioners, an interesting side conversations took place about Nortel’s restructuring strategy. Ontario Superior Court judge Geoffrey Morawetz, who is presiding over the company’s bankruptcy protection filing in Canada, said: “Divestiture, divestiture, divestiture and a bigger one down the road. Where does [...]
Also posted in Financials 41 Comments
Another Class-Action Lawsuit
An item that apparently attracted no media attention last week was a class-action lawsuit filed by Coughlin Stoia Geller Rudman & Robbins LLP in the U.S. District Court, Southern District of New York. The lawsuit alleges between May 2, 2008 and September 17, 2008, Nortel “failed to disclose material adverse facts about the Company’s true [...]
Also posted in Financials 46 Comments
Nortel Gets Even More Time to Restructure
It looks like Nortel’s restructuring process is going to take even longer than expected. After getting one extension already, the company has been four more months – September 11 (not the best karmic day, don’t you think?) – to put together a restructuring plan. Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del., [...]
Also posted in Financials 99 Comments
Nortel: We Owe the IRS Nothing