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Nortel executives line up for money
By siliconindia
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Monday, 12 October 2009, 19:08 IST
Bangalore: Current and past Nortel Networks executives, are lining up as creditors in the company's bankruptcy case. In all, the suits are seeking $25 million in pay and benefits, with ex-CEO Mike Zafirovski, who left the company in August, submitting a claim for over $12 million from the company - more than half going towards his company agreed pension.
However it doesn't look like the top execcutive at the company's Research Triangle Park (RTP) site will get the prize for this claim. Only last week, Joel Hackney who heads the company's Enterprise Solutions unit asked for a pittance: $55,388.55 in retirement contributions, according to Hackney's claim filed with the U.S. Bankruptcy Court. Hackney is the highest-ranking Nortel official in RTP.
The RTP site is down to about 1,600 workers from a high of about 10,000 a decade ago. The 114 year old company, which specializes in telecom gear and data services, sought bankruptcy protection in January and is selling off assets. Hackney's Enterprise Solutions group, which accounts for about a third of Nortel's worker force, is being sold to rival Avaya for $915 million.
Zafirovski and former Directors, Harry Pearce, John Cleghorn, Bill Owens and Manfred Bischoff are also seeking protection from a $100 million lawsuit filed by employees over losses in their retirement accounts.
Analysts expect Nortel to be dismantled by end of this year.
