The historic Nortel Networks Corp. cross-border bankruptcy trial will begin today in Wilmington, Del., and Toronto, the Wall Street Journal reported today. Judges will decide how to divvy up $7.3 billion from the sale of patents and other assets between Nortel divisions in Canada, the U.S. and Europe. The trial is one of the largest bankruptcy cases ever dealt with in Canadian courts, and it will be closely watched in the legal community because of the unusual cross-border hearing conducted using closed-circuit video cameras before Justice Frank Newbold of the Ontario Superior Court and Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del. (Subscription required.)
http://blogs.wsj.com/bankruptcy/2014/05/09/forward-motions-cross-border…
To hear more about the Nortel case and other top cross-border cases and issues, be sure to join ABI in New York on June 20 for the Cross-Border Insolvency Program. For more information or to register, please click here: http://www.abiworld.org/CB14/