Tuesday, September 30th13.0°C
23366
22768

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

23015


Recent Trending




Today's Market
S&P TSX14960.51-16.41
S&P CDNX909.29-3.47
DJIA17042.90-28.32
Nasdaq4493.39-12.462
S&P 5001972.29-5.51
CDN Dollar0.8923-0.0007
Gold1208.50-3.10
Oil90.02+0.26
Lumber333.00+0.10
Natural Gas4.126+0.005

 
Okanagan Companies
Pacific Safety0.13-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.26+0.03
Cantex0.065-0.025
Anavex Life Sciences0.184-0.001
Metalex Ventures0.0550.00
Russel Metals34.57+0.08
Copper Mountain Mining2.42-0.10
Colorado Resources0.165+0.015
ReliaBrand Inc0.019-0.001
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.32-0.02

 



23481

FEATURED Property
1983974516 Caramillo Court
4 bedrooms 3 baths
$889,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_








Member of BC Press Council


22496