Recently, things have been quiet on the Nortel US bankruptcy as the court considers a variety of issues. Whilst we wait to see what is gong to happen to our case, and our claims, multiple lawyers are constantly receiving payments with money taken out of the remaining Nortel estate. Yesterday alone, there were 14 applications for compensation by a number of different law firms as listed on the court dockets published on Epiq.
So far there has been little communication on the status of the discussions of various representatives regarding the allocation of the estate between various geographies. The longer they drag that out the more money will be paid to all those lawyers and the less will be left for claimants.
Saturday, February 26, 2011
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I have added up all the restructuring costs from the U.S. Debtor-In-Possession Monthly Operating Reports for Feb. 2009 to Nov. 2010. and the Ernst & Young Canada Court Monitor Report Numbers 8, 15,16, 25, 33, 35, 43, 50, 55 and 59.
ReplyDeleteTotal professional fees reported for 2009 and 2010 is $360 million, of which $131 million have been paid in Canada. The law firms being paid this money in Canada are Ogilvie Renault, Goodmans, Oslers, Koskie Minsky, Lerners, and Sacks Goldblatt Mitchell.
Diane Urquhart
There is no incentive for lawyers to wrap up the Nortel case. They get paid first, no matter what.
ReplyDeleteAs the lawyers say, they are killing it in Nortel's courts, and also killing the LTD whom they have treated so abusively.
ReplyDelete