Simultaneous Canadian-U.S. hearings to decide fate of $7.3B in Nortel assets
TORONTO - Lawyers begin arguments today over how to divide $7.3 billion raised from the sale of the assets of failed Canadian technology giant Nortel.
The unprecedented case involving lawyers representing former employees, pensioners, creditors and others will play out on both sides of the border through a secure video link that lets judges in both Toronto and Wilmington, Del., simultaneously conduct the proceedings.
What's unclear is exactly how lawyers will present their cases to the judges, as most pretrial arguments and evidence has been sealed over the concerns of Nortel's corporate lawyers that proprietary agreements with former business partners could be exposed.
However, once the trial begins many of those documents are expected to be made public under a decision by the judges made late last week.
The trial is considered one of the biggest bankruptcy cases in Canadian history.
Filings with the courts say about 16,000 documents will be presented as exhibits â€” whittled down from an initial three million â€” and 110 witness depositions have been taken leading up to the trial.
Read more Business News
- Election foul: Signs removedMunicipal Elections 2014 - 4:36 pm
- KGH ready for EbolaKelowna - 1:27 pm
- Racism in SummerlandPenticton / S. Okanagan - 11:30 am
- Cops cleared of excessive forceBC - 2:57 pm
|QHR Technologies Inc||1.17||+0.05|
|Anavex Life Sciences||0.192||+0.001|
|Copper Mountain Mining||2.17||+0.18|
|Sunrise Resources Ltd||0.06||0.00|
|Mission Ready Services||0.46||+0.01|
This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...
Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...
The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...