Law360, Wilmington (September 13, 2011, 6:43 PM ET) -- The trustee for bankrupt Nortel Networks Inc.’s U.K. pension plan argued before the Third Circuit on Tuesday that a bankruptcy judge misapplied the automatic stay in barring them from taking part in an overseas regulatory proceeding over the plan’s $3.1 billion shortfall.
The dispute centers on the UK Pensions Regulator’s bid to force Nortel to pony-up for a share of the pension liabilities of the defunct telecom’s British affiliate. The U.K. proceeding to liquidate and determine the amount of the pension fund’s claim against Nortel qualifies...
3rd Circ. Takes On Nortel UK Pension Row
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