Nortel UK scheme to receive £1bn after ‘groundbreaking’ legal win

first_imgDavid Davies, chair of the Nortel Pension Scheme’s trustee board, said: “We appreciate the efforts of the PPF in working towards this outcome and are grateful for the valuable protection the PPF has provided to scheme members during this time. The trustees will now get on with the difficult task of trying to buy out member benefits with insurance companies that we hope will secure higher than PPF levels of benefits.”The Nortel scheme has been in the PPF’s assessment period since its parent company filed for bankruptcy in 2009.The trustees of the UK Nortel Pension Scheme said in a statement that they were “delighted that a settlement of the long-running dispute over Nortel’s residual assets has finally been achieved”.Last October’s agreement was conditional on creditor support from the US and Canada as well as court approvals in the US, Canada, and several other jurisdictions including the UK.The trustees said all these requirements have now been fulfilled and the money could now start to flow.They said they had been pursuing claims on the Nortel assets for more than eight years, adding: “It has been an arduous and at times very bitter fight.”The settlement was based on “ground-breaking decisions” issued in May 2015 by the Delaware and Toronto Courts, the trustees said. These rulings held that creditors everywhere would share the residual assets pro rata according to their creditor claims, on an equal footing – the first time insolvency distributions had been ordered in that way.Multiple appeals were launched against those judgments, but were eventually rejected.Nortel Networks became insolvent in January 2009, with its European, US, and Canadian entities making simultaneous insolvency filings in London, Delaware, and Toronto. Nortel’s UK company had been sponsoring a large defined benefit pension scheme with more than 40,000 members, and a buyout deficit of more than £2bn at the time of the insolvency.Jonathon Land, head of PwC’s pensions credit advisory practice and adviser to Nortel’s trustees, said: “Nortel’s UK employees helped to generate these assets, and so it is welcome news that the cash will now start to flow from the central ‘lockbox’ to the different estates, and in turn to the ultimate creditors including these pensioners.” The UK pension scheme of the collapsed telecoms group Nortel could receive up to £1bn (€1.2bn), after a US court win put the fund on an equal footing with bondholders in the insolvency payout.The settlement could be enough to keep it out of the Pension Protection Fund (PPF).The two judges who have overseen the huge Nortel litigation – Judge Gross in the US and Justice Newbould in Canada – made orders in the last week at hearings in Delaware and Toronto permitting the core parties to implement a settlement that was reached in principle last October.The order allowed approximately $7bn (€6.4bn) of Nortel’s residual assets to be distributed to the group’s creditors worldwide.last_img read more

YMCA Plans “Healthy Kids Day,” Road Race and Triathlon

first_img House fire in Winter Harbor – October 27, 2014 Latest Posts Hancock County Court News Nov. 3 thorugh Dec. 11 – January 22, 2015 admin ELLSWORTH — With the arrival of spring, the tempo is picking up at the James Russell Wiggins Down East Family YMCA, with several major events scheduled in coming weeks.First on the list is “Healthy Kids Day” on Saturday, April 18.The Ellsworth-based YMCA is joining with 18 other YMCAs across the state and Anthem Blue Cross and Blue Shield for a day of free fun and creative activities to promote year-long wellness and healthy living for children and families.The event, from 9 a.m. to 1 p.m. at the YMCA gymnasium, will include a 50-foot obstacle course, an inflatable slide, a bounce house, jousting, fitness games and the distribution of nutritional and health-related materials.Games will be provided by Lou Dublin at Granville Rental Station.This is placeholder textThis is placeholder textAlso coming up at the YMCA are the second annual Jerry Kaufman Memorial Road Race on Saturday, April 25, and the first Dare-to-Try-athlon on May 16.For either or both events, register online at or in person at the YMCA on State Street in Ellsworth.For complete story, pick up a copy of The Ellsworth American.center_img Bio Latest posts by admin (see all) State budget vs. job creation – January 22, 2015last_img read more

Nelson/Beaver Valley game stopped with 2:45 remaining after Hawks player taken to hospital

first_imgHockey took a back seat with just over three minutes remaining in Saturday night’s Kootenay International Junior Hockey League contest between the Nelson Leafs and Beaver Valley Nitehawks at the NDCC Arena.That’s when a collision near boards by the Leafs bench sent 17-year-old Brandon Butlin into convulsions, forcing the Nitehawks forward to be taken to local hospital by ambulance and the game to be halted with 2:45 remaining in the third period.”Our thoughts and prayers are with Brandon and his family,” an emotionally shaken Beaver Valley assistant coach Jeremy Cominotto said from outside the visitor’s dressing room.Nelson was holding a 5-2 lead at the time.Butlin had the puck near the Nelson blueline when Leaf winger Dustin Reimer hit the Hawks’ forward with a clean check.The Trail native collided with the boards and immediately went into convulsions with his legs flailing.Training staff from both teams rushed to the injured player and without hesitation called for an ambulance.Rink staff quickly ran to fetch the AED (automated external defibrillator) for training staff as a precaution in case the Hawks’ player went into cardiac arrest. At no time did Butlin stop breathing.A short time later B.C. Ambulance paramedics arrived, applied a neck brace to Butlin and gave him oxygen before carefully using a spine board to put him on the stretcher for the short trek to Kootenay Lake Hospital.”Brandon took a hard his near the boards and didn’t respond,” Cominotto explained when asked if he knew what happened on the ice.”He was conscious and breathing but he was not in a good way,” Cominotto added.Colton McCarthy, who finished with two points to lead the Leafs to the victory, didn’t think the hit was that bad.”It’s really sad,” McCarthy said. “I saw him get hit but I thought it was a clean hit, he just fell into the boards wrong.”Linden Horswill scored twice while James Sorrey and Colton Schell added singles for Nelson.Ryan Edwards and Butlin replied for the Hawks.The game was called with 2:45 remaining in the game by referee Shawn Peel. The game official told The Nelson Daily after the game the decision was made in agreement by both coaches.No word if the remaining time will be made up to complete the game at a later date.last_img read more


first_imgSHEER FLATTERY ON COURSE FOR LEWIS STAKESJerry Hollendorfer takes what he hopes will be the first step on the Triple Crown trail with Sheer Flattery when the Kentucky-bred son of Flatter runs in next Saturday’s Grade III Robert B. Lewis Stakes at 1 1/16 miles.The chestnut colt, owned in part by Hollendorfer, got up by a nose under Mike Smith to break his maiden going a mile and a sixteenth at Santa Anita last Dec. 31.Doug O’Neill, who won the Lewis in 2007 with Great Hunter, plans to enter two in the Lewis, Cecil B. DeMille winner Term of Art and the Into Mischief colt Dangerfield, named for the late, great “no respect” comedian Rodney Dangerfield.Dangerfield was a distant third behind Mastery and Irap last out in the Grade I Los Angeles Futurity on Dec. 10. Dangerfield worked six furlongs on the main track Saturday in a bullet 1:12.20, fastest of 24 drills at the distance.            The Lewis offers 17 qualifying points to the Kentucky Derby, 10 to the winner, four for second, two for third and one for fourth. Peter Eurton2163029%43%$186,495 Richard Baltas4999618%49%$445,698 Norberto Arroyo, Jr.5574313%25%$338,085 FINISH LINES: Midnight Storm worked five furlongs on Santa Anita’s fast maintrack Saturday morning in 1:01.40. The multiple graded stakes winner, seemingly at home on turf or dirt, is being considered for the Santa Anita Handicap on March 11. “Perfect” is how trainer Phil D’Amato termed the move. “I wanted one oh one and change and out in 14 or 15 (1:14 or 1:15 for six furlongs) and that’s what I got. The Handicap is on our radar but we’re keeping our options open.” There were 257 recorded works at Santa Anita Saturday, 28 on the training track . . . Santa Anita hosts the Dumpling and Wonton Festival next Saturday, Feb. 4. Patrons can snack on scrumptious Asian and Asian-inspired dumplings and wontons on Santa Anita’s trackside apron. Buy online and save at . . . On Sunday, Feb. 5, the day of The Big Game, live racing at Santa Anita begins at 11 a.m., allowing fans to watch The Big Game at Sirona’s Sports Bar after the races or to be home in time to view it. General admission to the track that day is only one dollar. Luis Contreras48681313%56%$286,564 SANTA ANITA STATISTICS JockeyMts1st2nd3rdWin%ITM%Money Won John Sadler1955526%79%$260,234 HOPPERTUNITY SEEKS REPEAT WIN IN SAN ANTONIOHoppertunity, who won the San Antonio Stakes last year, is expected to defend his title next Saturday in the 80th edition of the Grade II San Antonio, a major steppingstone to the Grade I, $750,000 Santa Anita Handicap at a mile and a quarter on March 11.A six-year-old full horse trained by Bob Baffert, Hoppertunity won the Grade I Jockey Club Gold Cup at Belmont Park last October and was fourth in two subsequent Grade I races, the Breeders’ Cup Classic and the Clark Handicap.Also expected for the 1 1/16-mile San Antonio are Accelerate, Dalmore, El Huerfano and Point Piper. Bob Baffert2653419%46%$398,246 Jerry Hollendorfer51981018%53%$754,109 SHEER FLATTERY SET FOR ROBERT B. LEWISHOPPERTUNITY EYES SAN ANTONIO REPEATSTORMY LIBERAL 9-5 IN CLOCKERS’ CORNER Brice Blanc1954226%58%$187,870 Drayden Van Dyke5159210%31%$319,786 Martin Pedroza4767813%45%$239,958 Kent Desormeaux51117622%47%$724,363 Tyler Baze791614820%48%$567,882center_img STORMY LIBERAL CHOICE IN SUNDAY’S CLOCKERS’ CORNERStormy Liberal, second in the Grade III San Simeon Stakes at about 6 ½ furlongs on a “good” turf course last out on Dec. 26, is the 9-5 morning line favorite in Sunday’s $75,000 Clockers’ Corner, for four year olds and up on Santa Anita’s unique downhill course.A five-year-old gelded son of Stormy Atlantic trained by Peter Miller for Rockingham Ranch, Stormy Liberal has been second in two starts since being claimed by Miller for $40,000 last Oct. 16.The field for the Clockers’ Corner, the ninth of nine races: Horse Laugh, Tyler Baze, 12-1; Blameitonthelaw, Luis Contreras, 15-1; Snow Cloud, Santiago Gonzalez, 20-1; McHeat, Corey Nakatani, 8-1; Cape Wolfe, Stewart Elliott,12-1; Forever Juanito, Agapito Delgadillo, 8-1; Moonlight Drive, Rafael Bejarano, 5-2; Stormy Liberal, Norberto Arroyo Jr., 9-5; Tribal Fighter, Flavien Prat, 6-1; and Aotearoa, Kent Desormeaux, 12-1.Stylistics United and Indriya were scratched. Peter Miller34710421%62%$374,550 William Spawr1260250%67%$170,661 Mike Smith2061430%55%$605,940 Gary Sherlock1953126%47%$131,600 Santiago Gonzalez4367614%44%$248,636 J. Keith Desormeaux1762435%71%$368,675 Rafael Bejarano641191217%50%$616,778 Flavien Prat771791222%49%$930,343 TrainerMts1st2nd3rdWin%ITM%Money Won (Current Through Friday, Jan. 27) Joseph Talamo51551110%41%$194,555 Stewart Elliott5576913%40%$249,025 Mark Glatt2855418%50%$190,925 Doug O’Neill586111010%47%$390,868 Philip D’Amato2874625%61%$467,640last_img read more


first_imgThe achievements of the Donegal County Enterprise Board has been celebrated at an awards event in Belfast.Eight firms from across Ulster, including new businesses and successful exporters, were presented with prizes in the regional stage of the Ulster Bank Business Achievers Awards in association with the Belfast Telegraph, Invest NI and InterTradeIreland.The winners at the ceremony at the Merchant Hotel in Belfast were Bubblebum in Derry, which took home the start-up business award. Wholeschool Software in Belfast triumphed in the innovation and emerging technology category, while Andor Technology won the international business award. An award for social entrepreneurship went to Donegal County Enterprise Fund, while the prize for a family-run business went to Wilsons Auctions in Newtownabbey.The prize for environmental friendliness went to Envirogreen Recycling in Coalisland, while Wilson’s Country Foods in Craigavon won an accolade for agri food and drink. A prize for service businesses went to Autoline Insurance Group in Newry.Ian Jordan of Ulster Bank congratulated the winners, who will now take part in an all-Island final in Dublin on April 14.Mr Jordan said: “There were almost 400 entries to the awards, which in itself is encouraging. Even more pleasing is the high quality of many of the entries, including a large number of new and emerging companies. “There were however a number of Ulster businesses that stood out for particular recognition and we are delighted to present these eight companies with their awards. We wish them the best of luck in the all-island stage of the scheme.”DONEGAL COUNTY ENTERPRISE BOARD SCOOPS TOP AWARD was last modified: January 31st, 2011 by gregShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

Thursday’s Chelsea quiz

first_imgTest your knowledge by seeing how many of these Chelsea-related questions you can answer correctly.[wp-simple-survey-24]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 Follow West London Sport on TwitterFind us on Facebooklast_img read more

‘Brave’ Man City youngster praised after Saddlers win

first_imgWalsall boss Sean O’Driscoll has praised the maturity of Manchester City youngster George Evans and wants to extend his loan deal.Evans, 21, was signed by O’Driscoll’s predecessor Dean Smith and played a key role as the Saddlers knocked Smith’s new side Brentford out of the FA Cup.It is the third League One loan spell for Evans, who has spent time at Crewe and Scunthorpe, and the Walsall boss is impressed with his attitude.He said: “A lot of kids at his age don’t play any [first-team] football.“Sometimes they turn their nose up at League One because they all want to play in the Championship or the Premier Division, but this is a difficult league to play in.“I think the more they get experience of it the better they become. He took a brave decision and that’s a sign of maturity which will stand him in good stead for his career.”O’Driscoll was pleased with the result at Griffin Park, which secured Walsall’s place in the fourth round of the FA Cup for the first time in 10 years, but admitted they were indebted to keeper Neil Etheridge for a clean sheet.He said: “I thought we were clever with what we did, especially in the first half.“We got a goal, something to hang on to, and we were grateful to the goalkeeper in the end.”Follow West London Sport on TwitterFind us on Facebooklast_img read more

Shah Rukh Khan hails ‘Baahubali’ Andre Russell after KKR’s stunning victory vs RCB

first_imgKolkata Knight Riders co-owner Shah Rukh Khan led the praise for Andre Russell with a photoshopped picture of the all-rounder as a character from the blockbuster film, Baahubali.Shah Rukh Khan was awestruck with Andre Russell’s performance on Friday as he smashed a 13-ball 48 to snatch victory from the jaws of defeat for Kolkata Knight Riders against Royal Challengers Bangalore at the M Chinnaswamy stadium.Chasing a mammoth 206 for victory, KKR rode on Russell’s destructive innings to reach the total with 5 balls to spare and with 5 wickets in hand.The win lifted the Knight Riders to second position in the points table. They have three wins from four games so far.Shah Rukh Khan praised all the players in the team but he singled out Russell’s performance as hailed him as Mahendra Baahubali, the protagonist of the record-breaking film.”Well played boys @KKRiders @lynny50 @NitishRana_27 @robbieuthappa . Each one in the team did so well but you all will agree all words of praise r worth less than this picture…,” Shah Rukh Khan tweeted.Well played boys @KKRiders @lynny50 @NitishRana_27 @robbieuthappa . Each one in the team did so well but you all will agree all words of praise r worth less than this picture… Rukh Khan (@iamsrk) April 5, 2019From Bollywood to the cricket fraternity, social media went into a COMPLETE meltdown after @Russell12A’s blitzkrieg last night! #RCBvKKR #KKRHaiTaiyaar (@KKRiders) April 6, 2019Kolkata Knight Riders needed 67 runs from 26 balls when Andre Russell walked into the crease. The visitors were losing a bit of momentum as captain Dinesh Karthik was struggling to get the big ones after Nitish Rana departed for a quickfire 37.advertisementHowever, Russell tore into the Royal Challengers Bangalore bowling attack, smashing three sixes in the 18th over and four more in the 19th over. Tim Southee conceded 29 runs in the penultimate over and KKR gunned down the total with five balls to spare after one of the most brutal onslaughts T20 cricket has ever witnessed.The Royal Challengers meanwhile, have now lost all their 5 matches this season even as the other teams are going from strength to strength.Russell’s innings took social media by storm as cricketers and actors from the Indian film industry lauded the West Indian. Here is how everyone reacted:Andre Russell’s mathematics teacher’s big complaint was that he only learnt the 6 multiplication table.Gaurav Kapur (@gauravkapur) April 5, 2019That was unreal from Andre Russell #RCBvKKRMohammad Kaif (@MohammadKaif) April 5, 2019Any asking rate is child’s play for Andre Russell . What a victory ! #RCBvsKKRVirender Sehwag (@virendersehwag) April 5, 2019ANDRE THE GIANT!!!!!! What a beast !!!!!! What am I seeing?!?! #AndreRussell #RCBvKKRRanveer Singh (@RanveerOfficial) April 5, 2019Whattttttt a wowwwwww!!!! #AndreRussell is the man to watch out in the @IPL @KKRiders this comeback in the last 4 overs was special. @iamsrk sir did you see that?????ANGAD BEDI! (@Imangadbedi) April 5, 2019Andre Russell is just ridiculous!!!Sam Billings (@sambillings) April 5, 2019Damn man .. that was just out of any league #andrerussell #RCBvKKR #IPL Hooda (@RandeepHooda) April 5, 2019When is a game out of bounds for Andre Russell?Harsha Bhogle (@bhogleharsha) April 5, 2019last_img read more

12 days agoBournomouth boss Eddie Howe: Burnley spell important for me

first_imgAbout the authorPaul VegasShare the loveHave your say Bournomouth boss Eddie Howe: Burnley spell important for meby Paul Vegas12 days agoSend to a friendShare the loveBournomouth boss Eddie Howe says he has no regrets over his time with Burnley.Howe remains thankful for his time with the Clarets.“For my development, for my experiences. I don’t think I would be sat here in the Premier League if I hadn’t experienced what I had at Burnley,” he told the Daily Echo.“I think it did me the world of good personally. In some respects, it feels like a continuous journey from the first spell (at Cherries) through – but the spell at Burnley was so important for me.“That feels like quite a short spell away now during the two times at Bournemouth put together.” last_img

Glass Lewis proxy firm backs Crescent Point slate as annual meeting nears

first_imgCALGARY – A second institutional investor proxy advisory firm is wading into the fight by a dissident shareholder to elect a slate of four directors to the 10-member board at Crescent Point Energy Corp.Unlike Institutional Shareholder Services Inc., however, Glass Lewis & Co. is recommending that shareholders vote for all of Crescent Point’s director nominees and none of those put forward by Cation Capital Inc.Glass Lewis says shareholders should also vote in favour of the oil and gas producer’s approach to executive compensation, one of the issues identified by Cation, even though it gives a “D” grade in its report for pay for performance and says the top five executives earn more than the average on a list of their peers.ISS last week suggested shareholders should vote for two of Cation’s four nominees at the company’s annual meeting May 4 because there is a “reasonably compelling case” for board change to improve capital spending decisions, enhance profitability and bring executive compensation in line.Crescent Point endorses the Glass Lewis report, pointing out in a news release it supports the current board’s efforts to address shareholder concerns and finds Cation’s plan “decidedly vague and bereft of any meaningful substance.”In response, Cation says the Glass Lewis recommendation is “entirely flawed,” charging that the advisory firm didn’t fairly consult with Cation about its plan for Crescent Point.last_img read more