Monday, October 12, 2009

Filed Claims against Nortel

Now that the bar date has passed, the claims against Nortel in the US can be seen by accessing the Epiq Systems website and selecting the Filed Claims and Schedules page. Their site is available by the link on the right hand column of this page.

There are 88,467 records of claims many of which are duplicates and amended claims. However a quick search of the highest 30 claims yields a total that is well over $10 billion dollars. The rest of the claims probably total an additional sizeable amount.

The following is a list of the top 15 claims:

Mellon Bank NY $3,940,749,260 (2 claims)
IRS $3,031,692,382 (2 claims)
Flextronics $2,845,900,434 (10 claims)
Law debenture $150,986,875
Franchise tax $137,006,015
Zafarano 401K $100,000,000
EDS Canada $98,957,440
Beal Bank $55,300,276
Airvana $38,248,461
Sun Microsystems $19,942,982 (2 claims)
Hoyos $18,198,076
Groot $16,964,556
NETAS $14,261,663
Guangdong $12,461,072
Zafirovski $12,250,543

I'm sure you have noticed that the last one on my list above is Mike Zafirovski with a claim for $12 million and more. Considering the damage he has done and the time he spent doing it perhaps he should be paying that back to the retirees and ex-employees who are suffering as a result of his mismanagement and incompetence.

Many of these claims will be disputed so the process of sorting them out will take time. However this only represents the claims in the US and as yet we haven't seen the claims in other countries. Once all the claims have been submitted and agreed upon, and the Nortel assets have been sold and decisions made on how those assets will be allocated by country then the negotiations with creditors can really begin.

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