Important new dockets on Epiq Site

There were 2 really important dockets placed on the Epiq Web site in the last couple of days and I suggest that people look at them to understand what is going on.

The first docket #3580 is the proposed chapter 11 plan by Nortel which goes into great detail as to how claims will be treated, who will have the right to vote, and what the procedures will be for completing the wind up of the assets. It includes information on the distribution of claims, tax implications, and disputed claims. There is no real detail yet as to the amount and value of claims considered nor the amount of money that will be considered for distribution.

It indicates that when the plan details are made available, unsecured creditors like us will have impaired claims, which means the plan will impair the value of our claims. Unsecured creditors with impaired claims will have the right to vote on the distribution plan. This is a large and complex document and you will have to examine it carefully to understand the impact on you.

The second docket #3584 is the 50th report by the Canadian monitor Ernst and Young. It contains a status on the cash situation and also the events that have happened over the last few months including the agreement with Canadian Pensioners,the Hardship process, The Health and Welfare Trust, the start of transfer of the Canadian Pension to FSCO administration, and the initial work to determine asset allocation. None of these topics are covered in great detail but may be useful to you depending on your particular situation.

The cash situation as reported by E&Y is $5.7B worldwide. That includes the cash from sale of assets and also operational cash. There is$3.03B in escrow from the sale of assets. The rest is operational cash including some restricted cash. The report states the following division for operational cash:
Canada $276M
USA $766M
UK $350M
EMEA $391M
Asia $606M
Cala $167M
Netas $67M