Bondholders, suppliers, governments and former employees from around the globe hold $20 billion in claims based on different insolvency laws and are competing for Nortel's last remaining asset - $9 billion in cash, Reuters reported on Friday. Ontario Chief Justice Warren Winkler, who has spent the past few months analyzing proposals, begins a week of talks today intended to find common ground. Winkler has called the case "one of the most complex transnational legal proceedings in history." Failure of the mediation would mean years of litigation, with the possibility that parallel legal fights in different countries could reach inconsistent outcomes, according to Winkler, who was appointed to mediate by the U.S. and Canadian courts. John Penn, a bankruptcy attorney who is not involved in the case, said that the mediation is comparable to a football playoff between the New England Patriots, the Hamilton (Ontario) Tiger-Cats, Manchester United and Australia's Sydney Swans. "Each calls it 'football' but they all do something that's quite different," said Penn, of Haynes and Boone in Fort Worth, Texas. The complex disputes stem from Nortel's former might as a global telecom empire with a web of intercompany finances and a workforce that once stood at 93,000.
