Judges in Wilmington, Delaware, and Toronto jointly kicked off a novel cross-border trial yesterday to divvy up the $7.3 billion that was raised in the liquidation of once-mighty telecoms equipment maker Nortel Networks, which went bust in 2009, Reuters reported yesterday. Bankruptcy Judge Kevin Gross and Ontario Superior Court Justice Frank Newbould heard opening arguments yesterday from four attorneys: two in Wilmington and broadcast in Toronto, and two in Toronto and broadcast in Wilmington. The judges must decide how to allocate the money among former Nortel businesses in Canada, the U.S. and Europe. Administrators overseeing those former Nortel business units cannot repay creditors, make up pension shortfalls or pay off Nortel bonds until they know how much money they will receive.
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