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.
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.
Nortel related articles
- On Being Laid Off (a 10 year retrospective) what had I learned the 10 years after getting laid off.
- A Year Ago, written a year after that day I was laid off luckily I was waiting to start a new job
- Sometimes it’s better to be lucky a retrospective about how lucky I was to get laid off when I did. Read on to find out why.
- Pensions and Severance an important topic I took from my layoff from Nortel.
- Twenty Years in One Line is what my severance letter did. My 20 years are summed up in a sentence.
- Financial Issues With Severance what do you do with your severance if you have options? If you get severance as well.
- On Being Laid Off my explanation of being laid off from Nortel, a day or two afterwards.
- Nortel Still Paying Out? Really, well not that much.