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Item of the Week

FST Decision Rendered

July 27, 2019

FST Decision Rendered

The Financial Services Tribunal handed down its ruling on July 23rd2019 regarding our challenge of the treatment of indexation recoveries from the estate.

The judgment dismisses our position and supports the position put forward by the Ontario Superintendent of Financial Services and Morneau Shepell.

We have a 30-day window to appeal. We will likely not appeal the decision but are analysing our options.

If we do not appeal, we will provide more information on the timing of adjustments and lump sum transfers once details are available.

2018 AGM Charts & Minutes Available

Members can now find both the charts and the minutes from the NRPC 2018 Annual General Meeting in the Members Only / Documents / English Documents / General Information section.

2017 AGM Minutes Available

Members can now find the minutes from the NRPC 2017 Annual General Meeting in the Members Only / Documents / English Documents / General Information section.

Settlement Reached!

From the Koskie-Minsky website on 12 Oct 2016: 

After nearly 8 years of skirmishing among stakeholders, and financial hardship suffered by our constituents, the Court-appointed Representatives, together with the NRPC and CNELTD,  are very happy that a settlement has been reached which will pave the way to finally putting money into people’s pockets.

The victories secured in court, especially over the last two years, were the catalyst to this settlement which yields substantially more than any creditor group was prepared to concede in court to Canadian creditors.

The allocation of the roughly US $7.3 billion collected from the sales of Nortel’s worldwide businesses (the “lockbox”) has been settled, with some conditions. Pursuant to the Global Settlement and Support Agreement, the Canadian Estate will receive approximately 57% of the lockbox (US $4.143 billion). Some of the proceeds will be converted to Canadian dollars, and together with the funds currently in the Canadian Estate, will be made available to Canadian creditors through the claims process.

The Global Settlement and Support Agreement is subject to certain conditions, including court approval in Canada, the US and Europe, and creditor approval in Canada and the US.

Assuming that all conditions are satisfied, the Monitor of the Canadian Estate estimate that a payment on claims will be made in the first half of 2017.