Finance committee  Nortel is junk bond, Atlas--

Finance committee  Nortel has been junk bond since 2002, so all those who currently own the Nortel bonds would not be investment-grade owners. They were long gone at the end of the tech wreck. Therefore, in terms of the cost of capital, there's no question.... If you have a car accident and there's

Finance committee  Intuitively you think it must have a material impact on the cost of capital. For me it's the opposite. In the investment-grade markets over any 10-year rolling period in the last century, only 4% of investment-grade corporations become bankrupt. In the junk bond market, 26% becom

Finance committee  Good afternoon. Canada lags the world in its protection of terminated employees, pensioners, survivors, and long-term disabled employees during bankruptcy. I did a study over the Christmas and New Year season and found that 40 out of 53 countries studied by the OECD have preferr

Justice committee  Yes.

Justice committee  I would make a point that there is systemic fraud in the investment products sold by the investment banks and banks of Canada. This fraud produces profits that are not taken to tax havens. These profits show up simply as return on equity for the banks and improved share prices. S

Justice committee  Good afternoon, ladies and gentlemen. If I can, I would request of the French-speaking members of the committee that I may pass out this presentation I'm going to speak to today. Otherwise, I'll just start.

Justice committee  Okay. The reason we don't have it in French is that we were only invited on Thursday of last week. Unfortunately, we had a very short period of time to prepare. Otherwise, I certainly would have liked to make that available. On Friday, November 20, 2009, PricewaterhouseCoopers r

Finance committee  I would say that if you did an emergency amendment in this case, I guess I would be shocked to see that the debt holders wouldn't want to go to the ongoing concern plan, because if all of the $3 billion to $4 billion—that's my estimate, whatever it is—of deficits.... The proceeds

Finance committee  Thank you. I just want to make the point that Australia made an amendment of its bankruptcy acts on a live case in order to give priority status to pension fund deficits. So we do have a precedent in the world. Sweden, Korea, and Japan are among a number of countries who give pr

Finance committee  A $200 million debtor-in-possession line of credit has been offered by Nortel Networks Inc. The beneficiary of that is Nortel Networks Limited, which is the Canadian operation. This is typical financing. In the first days of the bankruptcy protection filing, the court granted tha

Finance committee  Basically we're asking for the BIA amendment. We're asking that Mr. Clement be required to set conditions on the pending sale of businesses by the Canadian-based international company so that a substantial portion of the proceeds does not go to the debt-holders of Nortel, but goe

Finance committee  I'm an independent financial analyst. Nortel was operating at a cost structure above what its revenues could support, and it's burning cash at the rate of $1 billion annually. All the figures I'm giving today are in U.S. dollars. The financial crisis is causing a large drop in

Finance committee  Yes, I can table that.

Finance committee  I think in a democracy that is founded on the rule of law, the independence of the police, from not only the government but also those who they investigate, is paramount. So I would put the independence of the police at the top of the list. I would follow that with competency.