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Finance committee I thank all members of the committee for this opportunity to speak on behalf of retirees and former employees of Nortel. The committee I represent includes Nortel retirees and former employees and was formed after Nortel filed for bankruptcy protection on January 14. We represe
June 18th, 2009Committee meeting
Donald Sproule
Finance committee Could I respond to the sophistication aspect? If the bondholders are not sophisticated, then I'd hate to say what I am. I don't have the assets or the resources to investigate; they, when they investigate, look to see if the company is going to go bankrupt. I don't, as an individ
June 18th, 2009Committee meeting
Donald Sproule
Finance committee Indirectly. The question is, where did the company go wrong? It's been six years since I left, and I don't know. Certainly the legal issues from an accounting point of view did not help the company. Then we had a period when I think senior management was probably creating an air
June 18th, 2009Committee meeting
Donald Sproule
Finance committee Not at all.
June 18th, 2009Committee meeting
Donald Sproule
Finance committee You certainly can. Our actuaries are working on it. Certainly on the pension plan that's well understood, but we're trying to get an estimate now on the remaining items. We will certainly table those numbers for you. Some may be estimates, and some will be exact figures.
June 18th, 2009Committee meeting
Donald Sproule
Finance committee I'll hand it over to Diane in just a second. In terms of balance, from an OECD point of view, there are studies out there that basically show certain countries doing quite well, where in bankruptcies the pensioners do get priority protection. In other jurisdictions, where there'
June 18th, 2009Committee meeting
Donald Sproule
Finance committee Thank you very much. Thank you, Mr. Chair. My name is Don Sproule. I am the National Chair of the NRPC, or Nortel Retirees' and Former Employees' Protection Committee. We me is Bernard Neuschwander, NRPC Quebec Region Chair. If we could just move to chart 2, please, very quic
March 25th, 2010Committee meeting
Donald Sproule
Finance committee The answer is no, they have not.
March 25th, 2010Committee meeting
Donald Sproule
Finance committee Since the Speech from the Throne and the budget, no, we have not been approached.
March 25th, 2010Committee meeting
Donald Sproule
Finance committee I'll hand it over to Diane, but certainly the priority for money, I understand, is the top of the pecking order above secureds, and that's what's been given in the case of the WEPPA legislation. Our request was very specific: to fit below secureds, but above the unsecureds, at th
March 25th, 2010Committee meeting
Donald Sproule
Finance committee Madam Urquhart did it, so I'm sure she would.
March 25th, 2010Committee meeting
Donald Sproule
Finance committee In terms of unpaid wages and contributions for existing employees to pension plans, it's the Wage Earner Protection Program Act legislation, which I think was approved recently under Companies' Creditors Arrangement Act as well. That amounts to $3,000.
March 25th, 2010Committee meeting
Donald Sproule
Finance committee It all depends on what's left in the estate, the Canadian estate. It would certainly improve our lot. And again, we don't know what the answer is going to be, but right now we're pitted against $4 billion in bonds and a $2-billion asset to the U.S. estate, and the list goes on in
March 25th, 2010Committee meeting
Donald Sproule
Finance committee That's correct.
March 25th, 2010Committee meeting
Donald Sproule
Finance committee Yes, we believe it would. Nortel is under the CCAA right now but hasn't moved under the Bankruptcy and Insolvency Act.
March 25th, 2010Committee meeting
Donald Sproule