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Nortel Still Paying Out

in Nortel

Nortel still paying out like a slot machine! Rarely, and in minimal amounts.

After my layoff back in 2008, a tiny portion of my severance was still not paid. Due to Nortel’s bankruptcy, they did not pay off severance and many other debts. Nortel is slowly getting around to paying a small amount of its remaining debts, including my remaining severance.

The unpaid part was only about 1% of the total pot of money, that was my severance package. I was lucky I got most of my money before the bankruptcy.

I Love Nortel
I Love Nortel

Nortel continues through the courts, and yesterday I got a cheque for $10.41. I have received a little more than 1/2 of the outstanding funds with this amount. The payout has been over about 11 years.

Many folks were owed much more money, and I am unsure whether they received 50% of what was owed to them. The impact of Nortel’s bankruptcy on these folks was much worse.

Thanks, Nortel, or should I say Ernst & Young, who are the Monitor for Nortel Networks Limited.

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{ 5 comments }

  • Tech July 15, 2022, 10:26 AM

    Glad Nortel is still paying out. I was a shareholder that held on to the bitter ZERO. I was sure that with the IP and patents held the company couldn’t go completely under. Looking back the corporate greed, lack of security and enforcement of all the stolen technology makes me bitter! Looking at you Huawei…..

    Reply
  • Us employee June 22, 2022, 6:50 PM

    The USA employees got 100% somehow.

    Reply
    • bigcajunman June 22, 2022, 6:53 PM

      Must be nice, European folks got their payouts too.

      Reply
  • RICARDO June 21, 2022, 5:49 PM

    Bet you the lawyers, adjudicators and accounting firms made and are continuing to make much more than was/is getting paid out

    Reply
    • bigcajunman June 21, 2022, 5:59 PM

      Agreed, all moneys that were collected for sales of assets went to lawyers, overseas pension and severance and lawyers (did I mention lawyers?). In this kind of bankruptcy, the lawyers are much like the cockroaches after World War III, the only survivors. (no bitterness there).

      Reply

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