Monitor's 65th report re UK and EMEA claims

The Canadian monitor, Ernst and Young submitted the 65th report to the Canadian court and also copied the US court as defined in docket # 5351 on the Epiq website.

The report requests the Canadian court to address the UK and EMEA claims which have been submitted in order to expedite the process for allocation of the Nortel estate between the various countries involved. The UK and EMEA have submitted enormous claims valued at $13.5 billion Canadian and have also requested priority which would mean that their claims would be given preferential treatment and if allowed would basically wipe out any funds for Canadian unsecured creditors. This could also impact the US claimants if the US court recognized the claims.

The claims submitted by the UK and EMEA include elements that are non specific and include accusations of mis management by NNL. These appear frivolous to me and considering the fact that Canada does not insure or protect their pensioners in the event of bankruptcy ( unlike the US, the UK, and other countries in the EMEA group) I hope that the courts dismiss these claims outright and send them back to claim against their own country subsidiaries rather than taking funds away from the unsecured creditors in Canada and the USA. If the courts allow these claims then the pensioners and LTDers in Canada will get nothing to make up for the missing funds in their trusts.