Nortel still paying out like a slot machine! Rarely, and in minimal amounts.
After my layoff back in 2008, a tiny portion of my severance was still not paid. Due to Nortel’s bankruptcy, they did not pay off severance and many other debts. Nortel is slowly getting around to paying a small amount of its remaining debts, including my remaining severance.
The unpaid part was only about 1% of the total pot of money, that was my severance package. I was lucky I got most of my money before the bankruptcy.
Nortel continues through the courts, and yesterday I got a cheque for $10.41. I have received a little more than 1/2 of the outstanding funds with this amount. The payout has been over about 11 years.
Many folks were owed much more money, and I am unsure whether they received 50% of what was owed to them. The impact of Nortel’s bankruptcy on these folks was much worse.
Thanks, Nortel, or should I say Ernst & Young, who are the Monitor for Nortel Networks Limited.
Nortel related articles
- On Being Laid Off (a retrospective) what had I learned the 10 years after getting laid off.
- A Year Ago, written a year after that day I was laid off luckily I was waiting to start a new job
- Sometimes it is better to be lucky a retrospective about how lucky I was to get laid off when I did. Read on to find out why.
- Pensions and Severance an important topic I took from my layoff from Nortel.
- Twenty Years in One Line is what my severance letter did. My 20 years are summed up in a sentence.
- Financial Issues With Severance what do you do with your severance if you have options? If you get severance as well.
- On Being Laid Off my explanation of being laid off from Nortel, a day or two afterwards.
- Nortel Still Paying Out? Really, well not that much.
Glad Nortel is still paying out. I was a shareholder that held on to the bitter ZERO. I was sure that with the IP and patents held the company couldn’t go completely under. Looking back the corporate greed, lack of security and enforcement of all the stolen technology makes me bitter! Looking at you Huawei…..
The USA employees got 100% somehow.
Must be nice, European folks got their payouts too.
Bet you the lawyers, adjudicators and accounting firms made and are continuing to make much more than was/is getting paid out
Agreed, all moneys that were collected for sales of assets went to lawyers, overseas pension and severance and lawyers (did I mention lawyers?). In this kind of bankruptcy, the lawyers are much like the cockroaches after World War III, the only survivors. (no bitterness there).