Every day or so I look at the Epiq web site on Nortel to see if there are any developments that might affect us. Most of the time all I see are applications for compensation by lawyers who are skimming the remaining cash that Nortel retains.
It must be quite a sum by now that has been paid to all those lawyers. I wonder what they have been doing to warrant those payments. It's not like they are cheap. Most of them charge hundreds if not thousands of dollars per hour. Are they really worth that? I certainly haven't benefited by their work. If anything their efforts have reduced any potential payout I might ever see on my US claim. I really don't understand what their value or contribution is.
When this is all over we retirees and ex-employees will be poorer than we were when Nortel was still active, but all the lawyers involved will have pocketed a nice sum and will just pick up their bags and move on to the next victim.
What a nice racket they have going.
Friday, April 30, 2010
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You're right, although I don't know that Nortel is significantly different from any other company that files for protection. I went into Martindale Hubbell -- probably the premier directory of lawyers in the U.S., long predating the Internet -- and found 13,361 lawyers in the U.S. who list bankruptcy as a focus of practice. 7,534 of these lawyers have been peer-reviewed in Martindale Hubbell. I realize that a lot of them are handling cases for small businesses, but that's a lot of mouths to feed.
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