A months-long court battle over Nortel's remaining assets remains divisive, with judges in Canada and the United States given the task of navigating what has been described as a "tsunami" of legal arguments, dry facts and, occasionally, stormy lawyer summations.
Lawyers for Nortel's U.K. pensioners argued Tuesday that the tech company and all of its subsidiaries shared ownership of Nortel's patents and said the money from their sale should be allocated on a pro rata basis to the various bankrupt entities.
Competing groups of creditors at the Nortel bankruptcy trial are focusing on the legal interpretation of a 10-year-old agreement to determine how to divide billions of dollars in proceeds from the sale of Nortel's patents and intellectual property.
Nortel pensioners gathered at a Toronto courtroom on Monday to watch lawyers battle over billions of dollars in asset sales from the former technology giant -- a fight that could have a major impact on their financial futures.
A complex trial to determine how billions of dollars in Nortel Networks Corp.'s remaining assets are to be divided begins Monday in a pricey cross-border hearing that's considered the first of its kind.