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Nortel Networks Committee Sought

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According to the U.S. Bankruptcy Court docket, Merchants Equity filed a motion seeking the appointment of an official committee of equity security holders to the Nortel Networks case.

The motion argues, “Debtors have failed to uphold a Liquidation Platform for holder of its common stock; filed financial statements of share price value have not yet been performed. No common stock quotation systems in place in respect of opinion.” In a previous ruling denying the appointment of an official equity security holders’ committee to this case, the Court noted, “The U.S. Debtors, the Canadian Debtors and their respective constituents are asking the Courts to determine the allocation of the assets, which are largely comprised of the Sales Proceeds. The Court is persuaded by their position.”

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