Friday, August 28, 2009

Canada Web Seminar now available on NRPC site

The web seminar audio and slides from the NRPC and Koskie Minsky, held on August 25, are now available on the Canadian Nortel pensioner’s web site. You need to be registered on the web site in order to listen to the seminar. Registering will also provide you with the communications from the NRPC and help ensure that your claim will be included in the total claim being made for Ex-Nortel employees in Canada.

The seminar covered a wide range of topics and provided many answers to questions that people have about the process. It discussed in detail the claims process for ex-employees which is being handled on your behalf by the NRPC and Koskie Minsky. This is distinctly different form the US where all claimants will be submitting their claims individually.

The seminar may be of interest to ex- Nortel employees who are not based in Canada. It discussed the sale of assets process, the management of the funds generated from those sales, the method of allocation of the assets by geographic location, and the possible time frame. Much of the information is useful for all ex-Nortel employees regardless of location.

There were over 300 questions submitted on line and via email and the NRPC will be attempting to answer them and publish them on their web site in the next few days.

Once I have absorbed the information, I will try to summarize the points made and post them on this site. In general my view from the seminar is that this will be a long drawn out process and that the determination of claims, the allocation of assets, and the eventual payment of claims may take years. In the mean time K.M. and the NRPC will work to keep the Canadian pension plan in operation as long as possible in order to let it build up as the market improves.

The payment of US claims will also be part of this long drawn out process. Until the total value of all assets is established and the allocation process is agreed upon, no monies will be released to satisfy claims in any jurisdiction.

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