What happened in the Nortel case was that it was misrepresented. Up until 2005 there were no disclosures that would lead anyone to believe they had a long-term benefit that was not insured by a third party. Remember, this is a non-unionized environment, and post-2005 Nortel indicated for the first time that the plan was self-insured, but said that it, Nortel, was playing a role similar to that of an insurance company. However, it was not playing a role similar to insurance companies.
