Tuesday, February 16, 2010

Independent Financial Analysis of the Feb 8th Nortel agreement.

Diane Urquhart, an independent financial analyst in Ontario has carried out an in-depth analysis of the agreement struck with Nortel on Feb 8th, and which will be presented to the court on March 3. You can see her complete report at:

http://ismymoneysafe.org/pdf/Financial Analysis of the Feb 8th Agreement.pdf

Her main conclusion is that this Feb. 8th agreement is offering life to the long term disabled employees in the short term of 2010, provided they agree to live in poverty for the rest of their lives and agree to not oppose the Nortel executives and key employees getting the additional incentive payments that were announced on Feb. 8, 2010. John Doolittle, Corporate Leader of Nortel, is providing scraps off the table for the LTD employees, while protecting his own $1.7 million compensation for each year of 2010 and 2011. The 418 LTD employees are having their lives and quality of life sacrificed by the acceptance of this Feb. 8th agreement for the benefit of the 17,749 Nortel Canadian pensioners, the Nortel executives and key current employees, the U.S. junk bond owners and other large unsecured creditors.

The reasons for her conclusions are set out in the new report.

Diane plans to make additional communications about the steps that dissenting LTD employees will be undertaking in order to correct the mistakes that have been made in this Feb. 8th agreement affecting them before this matter comes to court on March 3rd. Fortunately, there is a process for the LTD employees who decide to oppose this Feb. 8th agreement to do so by filing a Notice of Appearance by 10:30 a.m. Eastern Time on March 1st. The LTD employees are now forced to hire independent legal counsel at their own expense, and many LTD employees are not well enough and cannot afford to send independent legal counsel to be heard in court on March 3rd.

You can communicate with Diane by email at: IsMyMoneySafe-subscribe@yahoogroups.com

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