Thursday, July 29, 2010

Nortel US asks court to hire RLKS to destroy records

Nortel US has asked the bankruptcy court for relief to hire RLKS to assist in the wind down and liquidation of the Nortel businesses and estates. RLKS would work to preserve some important records, and destroy the rest of the records kept in electronic and hard copy format.

RLKS was employed in the wind down of Enron Corporation.

Nortel would pay RLKS a retainer of $15,000 and the two main RLKS reps $450 per hour as well. Pretty good pay for shredding paper and erasing data files I would say.

It would seem that this is the beginning of the last phase as liquidation looms. Lets hope that all the proper documents and data files have been handed over to the PBGC and other organizations that need to ensure the rights of the people left behind are protected. There still are thousands of claims outstanding and the employment, pension, and disability information on those people are paramount to ensuring they receive repayment on their claims when the liquidation is completed.

There is also the question of financial records, board and management decisions, and actions taken that might be required in future legal cases. Once again the importance of retaining those records may make a big difference in term of the results of future legal battles.

Who is minding the store and watching to ensure that only non-essential material is destroyed?

1 comment:

  1. I have some material, can you publish it on this site?