Close X
Friday, November 15, 2024
ADVT 
National

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.

    MORE National ARTICLES

    Prescriptions for high-dose opioids on rise in Canada, study finds

    Prescriptions for high-dose opioids on rise in Canada, study finds
    TORONTO - A new study shows prescriptions for high-dose formulations of opioids like oxycodone and morphine jumped by 23 per cent in Canada between 2006 and 2011, despite guidelines advising doctors against giving most patients such elevated doses.

    Prescriptions for high-dose opioids on rise in Canada, study finds

    Key points of Rob Ford's political career

    Key points of Rob Ford's political career
    TORONTO - Rob Ford has ended his campaign for re-election as Toronto mayor and will instead seek a city council seat. Here are some of the key points of his political career:

    Key points of Rob Ford's political career

    Canada ratifies investment deal with China despite misgivings

    Canada ratifies investment deal with China despite misgivings
    OTTAWA - Canada has ratified the contentious Foreign Investment Protection Agreement with China.

    Canada ratifies investment deal with China despite misgivings

    I Didn't Look Great: Court Hears Cop Say After He Allegedly Watched Jail Sex

    I Didn't Look Great: Court Hears Cop Say After He Allegedly Watched Jail Sex
      KAMLOOPS, B.C. - A senior RCMP officer facing a breach of trust charge after allegedly watching two female inmates have sex in a jail cell admitted he should have intervened, a court in Kamloops, B.C., has heard.

    I Didn't Look Great: Court Hears Cop Say After He Allegedly Watched Jail Sex

    Iconic Hollow Tree Landmark In Stanley Park Set Ablaze Twice Overnight

    Iconic Hollow Tree Landmark In Stanley Park Set Ablaze Twice Overnight
    VANCOUVER - Police are investigating after an iconic landmark in Vancouver's Stanley Park was set on fire twice in one night.

    Iconic Hollow Tree Landmark In Stanley Park Set Ablaze Twice Overnight

    Now Ontario Teachers Donate $100,000 To Striking B.C. Teachers

    Now Ontario Teachers Donate $100,000 To Striking B.C. Teachers
    VANCOUVER - A coalition representing 160,000 Ontario public school teachers has donated $100,000 to British Columbia's teachers' union so striking teachers can continue their labour dispute with the provincial government.

    Now Ontario Teachers Donate $100,000 To Striking B.C. Teachers