Monday, September 1st15.5°C
22736
22746

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 — whittled down from an initial three million — and 110 witness depositions have been taken leading up to the trial.

The Canadian Press


Read more Business News

22819


Recent Trending




Today's Market
S&P TSX15625.73+67.561
S&P CDNX1023.991.62
DJIA17098.4518.88
Nasdaq4580.271+22.577
S&P 5002003.37+6.63
CDN Dollar0.9204+0.001
Gold1281.70-2.1001
Oil95.96+1.29
Lumber348.40+2.60
Natural Gas3.965+0.054

 
Okanagan Companies
Pacific Safety0.20+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.190.00
Cantex0.08+0.01
Anavex Life Sciences0.25+0.01
Metalex Ventures0.0750.00
Russel Metals36.48+0.09
Copper Mountain Mining2.93+0.02
Colorado Resources0.180.00
ReliaBrand Inc0.10+0.001
Sunrise Resources Ltd0.0250.00
Mission Ready Services0.245-0.005

 



22253

FEATURED Property
2021046309 clifton
5 bedrooms 3 baths
$479,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


At the Core: Lessons in pricing from Apple

Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....


New Real Estate Brokerage in town

Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...


How much mortgage should you carry?

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...

_








Member of BC Press Council


22810