3rd Circ. Takes On Nortel UK Pension Row

Law360, Wilmington (September 13, 2011, 6:43 PM EDT) -- 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...
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