Thursday, January 7, 2010

Motion to appoint John Ray as Nortel Network Inc. principal officer approved

Docket 2249 on the Epiq site gives more information on the appointment of John Ray as principal officer for NNI.

Extract fro the docket:


l. The Motion is GRANTED as set forth herein. Pursuant to section 363 of the Bankruptcy Code, the Debtors are authoized to employ and retain John Ray as the Debtors' Principal Officer, nunc pro tunc to December 7,2009, under the terms and conditions set forth in the Engagement Letter and Motion, subject to the following terms, which apply notwithstanding anything in the Motion or any exhibit(s) related thereto to the contrary:

(a)Mr. Ray, or any affiliates, shall not act in any other capacity (for example, and without limitation, as a financial advisor, claims agent/claims administrator, or investor/acquirer) in connection with the above- captioned cases prior to the effective date of any plan or plans confirmed in these cases without further order of the Court after notice to the US Trustee and a hearing, as appropriate.

(b) In the event the Debtor(s) seek(s) to have Mr. Ray assume executive officer positions that are different than that disclosed in the Motion, or to materially change the terms of the engagement, the Debtors shall file a motion to modify the retention.

(c)Mr. Ray shall not serve as a director of any of the above-captioned Debtors prior to the effective date of any plan or plans confirmed in these cases.

(d) Mr. Ray shall file with the Court, and provide notice to the UST and all official committees, reports of compensation earned and expenses incurred on a monthly basis.

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