
Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Author: Joel R. Glucksman
Date: June 17, 2015
Partner
201-896-7095 jglucksman@sh-law.comIn that time, several courts have considered the fate of Nortel Networks assets, causing fees of more than $1 billion to pile up, according to Reuters.
The latest trial – which involved judges from both the U.S. Bankruptcy Court in Wilmington, Delaware and the Ontario Superior Court of Justice – resulted in a ruling that will see regional businesses receive pro rata portions of the $7.3 billion that came from the liquidation of Nortel Networks, the media outlet reported.
In separate opinions, U.S. Bankruptcy Judge Kevin Gross and Canadian Justice Frank Newbould wrote that every regional business would receive a share of the $7.3 billion on the basis of its creditors’ claims relative to total claims across the world, according to the news source.
The judges opted for this ruling instead of approving any of the distribution schemes provided by the three competing Nortel groups that were representing creditors, Bloomberg reported. When the joint trial began in 2014, U.K. administrators for Nortel’s European units, the Canadian parent company and its U.S. unit all proposed different plans. However, the judges rejected all three proposals. In addition, they voiced their discontent because creditor groups could not agree to an allocation plan.
“The court can only speculate why the parties, all represented by the ablest of lawyers and sparing no expense, were unable to reach a settlement,” Judge Gross wrote in the opinion, according to the news source. He went on to say that the regional businesses “have lost sight of the irrationality of their respective positions.” Finally, he stated that the different parties involved left “virtually no middle ground.”
Are you a creditor in a bankruptcy? Have you been sued by a bankrupt? If you have any questions about your rights, please contact me, Joel Glucksman, at 201-806-3364.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Author: Christopher D. Warren
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
Author: Scott H. Novak
On January 28, 2025, the Trump Administration terminated Gwynne Wilcox from her position as a Member of the National Labor Relations Board (NLRB or the Board). Gwynne Wilcox, a union side lawyer for Levy Ratner, was confirmed to the Board for an original term in 2021 and confirmed again for a successive five-year term expiring […]
Author: Matthew F. Mimnaugh
Breach of contract disputes are the most common type of business litigation. Therefore, nearly all New York and New Jersey businesses will likely have to deal with a contract dispute at least once. Understanding when to file a breach of contract lawsuit and how long you have to sue for breach of contract is essential […]
Author: Brittany P. Tarabour
Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]
Author: Christopher D. Warren
Commercial leases can take a variety of forms, which is often confusing for both landlords and tenants. Understanding the different types, especially the gross lease structure, is important when selecting the lease that best suits your needs. One key distinction between lease types is how rent is calculated and paid. This article addresses the two […]
Author: Robert L. Baker, Jr.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!