Appeal of Cross-Border Nortel Networks Judgment Dismissed
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By unanimous decision released May 3, 2016, the Ontario Court of Appeal dismissed the appeal of the Judgment of the Honourable Justice Frank Newbould. After a lengthy, cross-border trial with the Court of Delaware, Justice Newbould ordered that the $7.3 billion of proceeds from the sale of Nortel’s global assets were to be allocated among the various Nortel entities on a pro rata basis. Several parties, led by the US Debtors, moved to appeal the Judgment on the basis that, among other arguments, the Court lacked the jurisdiction to grant the pro rata allocation. Matthew Gottlieb, Tracy Wynne and Paul Michell (with the assistance of Jessica Zhi) represented 19 Nortel entities from Europe, the Middle East and Africa, at the trial and in opposing the leave motion. The decision can be found here: https://www.canlii.org/en/on/onca/doc/2016/2016onca332/2016onca332.html?resultIndex=9