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Nortel trial continues for another day; sticking point dividing patent proceeds

Darpan News Desk Canadian Press, 24 Sep, 2014 11:30 AM

TORONTO - A pivotal trial in the Nortel bankruptcy is continuing for an extra day.

The two judges overseeing the allocation of about $7.3 billion from the sale of assets from the Canadian tech company have decided to give lawyers more time today for final statements.

The cross-border video-linked hearings in Toronto and Delaware were originally to wrap up on Tuesday.

The main sticking point has been how to divide about $4.5 billion from the sale of patents and intellectual property after Nortel sought creditor protection in 2009.

Lawyers for the U.S. arm of the company have argued much of the money should be set aside for its creditors.

The court-appointed monitor for the Canadian proceedings as well as a group representing its former employees and pensioners are arguing the Canadian parent company had legal title to the patents and should get the money, which would then be parcelled out to creditors of the subsidiaries.

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