its buying time again-------lets all take out those .065, and .006's on the ask
Fees paid to lawyers and other professionals working on the ongoing bankruptcy proceedings of Nortel Networks Corp. have passed the $1 billion US mark. That's outraged former Nortel employees who saw their long-term disability benefits cut after the company went under.
Ernst & Young, the firm hired by the Ontario Superior Court to be the Canadian Companies' Creditors Arrangement Act (CCAA) monitor is already projecting another $47 million US of professional fees from this past October until February 1, 2014.
"I'm really outraged how we are left behind, while we see lawyers making windfall profits," said Greg McAvoy, a former Nortel employee, disabled by multiple sclerosis.
McAvoy is one of 357 long-term disabled employees who paid into a disability plan while working at Nortel, which was to cover 50 per cent of their pre-disability income. Many of those employees purchased additional disability insurance to push that payment up to 70 per cent. Post-bankruptcy, they were paid a settlement of 35 per cent of the insurance owed.
McAvoy now lives on a Canada Pension Plan disability income of $1,100 a month.
"We were told by Nortel lawyers there's no money for us, but here we see the spending of huge sums," he told CBC News. "What we're seeing is the gravy train of Nortel bankruptcy and it's totally unjust."
McAvoy has filed an official complaint the office of the Superintendent of Bankruptcy Canada, the country's bankruptcy watchdog.
Diane Urquhart, an independent financial analyst who has been helping some of the disabled Nortel former employees, said that the still climbing bill of $1 billion US is the largest in any bankruptcy proceeding in Canadian history.
At its peak, the Nortel global bankruptcy estate was worth $10.5 billion US. It is now worth $9.5 billion US. That means 10 per cent of Nortel's total estate has gone to professional fees. In comparison, the ongoing Lehman Brothers bankruptcy process south of the border has so far racked up $2.2 billion US in fees, or 2.75 percent of the approximately $80 billion US that will eventually go to creditors.
According to court documents, the biggest Canadian bills in the Nortel proceedings have come from Ernst & Young and the law firms it has hired. They are the very firms appointed to be the court monitors.
"My recommendation would be that there would be an absolute cap and that no money be spent thereafter," said Urquhart, who is also calling for an independent review of what has been spent so far.
bear z and bool fight
BEARE N BULL FIGHT
09:45:08 Q 0.006 -0.0002 300,000
09:32:13 Q 0.0062 147,018
09:30:55 Q 0.0061 -0.0001 150,000
09:30:50 Q 0.0061 -0.0001 21,586
Data Access America is 100 percent owned by Data Access, a joint venture between Spa Enterprises and PCCW. In the US, the company has set up a superpop at Manhattan. In terms of infrastructure, the company has opted for *****Nortel DMS GSP switch*****, Cisco routers, Vocaltec’s IP transport, and DCME (TDM transport) of ECI Israel. The company has recruited around 20 people. The switch has a capacity of 33 million minutes of voice call per day as it can handle 8 STM-1 traffic. Since the US has a good fiber backbone, the company has opted for four traffic pick-up points there—Los Angeles, Florida, Denver, and New York—one each in all the four time zones of the US. In terms of connectivity, the company has gone for STM-4 link between New York and London, and Los Angeles and Hong Kong. STM-1 links are available between New York and Los Angeles, New York and Florida, and New York and Denver. In June, the company is planning to start DLD services in the US and has plans to focus on carrier, enterprise, and consumer segments.
history lesson 101
Optical boom and the Right Angle Turn
In 1998, with the acquisition of Bay Networks, the company's name was changed to Nortel Networks to emphasize its ability to provide complete solutions for multiprotocol, multiservice, global networking over the Internet and other communications networks. As a consequence of the stock transaction used to purchase Bay Networks, BCE ceased to be the majority shareholder of Nortel.
In 2000, BCE spun out Nortel, distributing its holdings of Nortel to its shareholders. Bell-Northern Research was gradually absorbed into Nortel, as it first acquired a majority share in BNR, and eventually acquired the entire company.
In the late 1990s, stock market speculators, hoping that Nortel would reap increasingly lucrative profits from the sale of fibre optic network gear, began pushing up the company's share price to unheard-of levels despite the company's repeated failure to turn a profit. Under the leadership of CEO John Roth, sales of optical equipment had been robust in the late 1990s, but the market was soon saturated. When the speculative telecom bubble of the late 1990s reached its pinnacle late in the year 2000, Nortel was to become one of the most spectacular casualties.
At its height, Nortel accounted for more than a third of the total valuation of all the companies listed on the Toronto Stock Exchange (TSX), employing 94,500 worldwide, with 25,900 in Canada alone. Nortel's market capitalization fell from C$398 billion in September 2000 to less than C$5 billion in August 2002, as Nortel's stock price plunged from C$124 to C$0.47. When Nortel's stock crashed, it took with it a wide swath of Canadian investors and pension funds and left 60,000 Nortel employees unemployed. Roth was criticized after it was revealed that he cashed in his own stock options for a personal gain of C$135 million in 2000 alone
the painting of the tape --CONTINUES
:23:21 Q 0.006 180
10:50:07 Q 0.006 400
10:36:38 Q 0.006 219
10:07:34 Q 0.006 200
09:40:23 Q 0.006 100
09:30:16 Q 0.006 300
trust them--they don't fib or bend the truth The Conservative government says Defence officials have assured it that no listening devices have been found at the former Nortel campus, contradicting previous security concerns raised by both former Nortel and government intelligence employees.
Former Nortel employees have contacted the Citizen to say that the listening devices were found when Department of National Defence officials did their initial security sweeps of the facility, purchased for DND’s new home.
yeah ok sure uhh huh