Tuesday, March 16, 2010

Still no news from the Canadian Judge

It is now into the second week after the hearing on the Canadian settlement agreement and there is no news from the judge. I am not sure what that means. He indicated that he would consider all sides and give his decision as soon as possible. I know it is a very complex situation and there is opposition from the bondholders and US creditor's committee to the agreement. I wonder if there are some side bar discussions going on? I am not sure that is reasonable if it is happening. Everyone should be represented not just some of the parties.

It would be nice if Koskie Minsky or the NRPC provided some interim status if they have any information from the court. Everyone is waiting to hear what that decision is.

1 comment:

  1. NRPC website latest update as of 24 March

    Judge Morawetz to rule within a week??? on Nortel Settlement Agreement

    Monday, 08 March 2010
    Update: We are still waiting for the judge's decision on the Settlement Agreement. It is our understanding that vacations have delayed the decision but we know that the judge is fully aware of the urgency and expect that a decision will be made very soon. As soon as we hear, it will be posted on the website. Hang in there.


    Three days of hearings by the Superior Court of Ontario related to the Nortel $57M settlement agreement ended with Judge Morawetz indicating it will take about a week for him to make a decision on the case.

    Lawyers from all groups presented their case, including Nortel, the Monitor, KM, the opposing LTD group, the bondholders and the Unsecured Creditors Committee from the US.

    Please read the following article by Lee Greenwood of the Ottawa Citizen, as it provides one of the best summaries of the situation. That reporter was at Court for the full three days and interviewed several of the legal representatives and some of the opposing LTD employees.

    Last Updated ( Saturday, 20 March 2010 )