The US bankruptcy court has a hearing planned for November 8th 2010. There are a number of items on the agenda as outlined in the docket on the Epiq web site.
One item is the motion put forward by Nortel to abandon and destroy historical documents. The destruction of those documents is opposed by at least 3 groups. ACS systems, the UK pension trust, and lawyers representing Frank Dunn have all objected and will be heard on November 8th at the session.
If the objections are overturned and the motion approved, then Nortel may destroy documents that could prove important at a later date in terms of claims and decisions.
I hope that none of these documents relate to defined benefits and details of employee pensions since these will be essential to our claims against Nortel. Since the PBGC has not objected I assume that they are happy with the documents turned over to them for the qualified defined benefits.
However the PBGC is in no way taking responsibility for the non-qualified pension benefits. We are on our own in terms of our individual cases.
Since we were supplied with calculations earlier from Segal, the Nortel paperwork and Segal paperwork should be filed in Segal's offices. Nevertheless it is important that everyone who submitted a claim keep copies of their supporting paperwork handy to ensure that their claim is properly supported.
Saturday, November 6, 2010
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