In our recent Member Letter we told you that all the core parties had reached agreement on how to divide the so-called Lockbox containing over US$ 7 Billion which was raised from the sale of Nortel’s assets. We said that the agreement was not fully effective due to a legal challenge by two disabled former employees in Canada. Although the employees still have until May 12, 2017 to ask the Supreme Court of Canada to consider their attempt to challenge, the core parties have come to an arrangement to allow money to flow from the Lockbox immediately and this arrangement was finally approved by the US bankruptcy court on May 5, 2017, the Canadian Court having earlier approved it on May 1.
We expect the monies to flow to Nortel administrators in the US, Canada and Europe (EMEA) over the next few weeks and for distributions to our Plan to commence in the third quarter of 2017.
As we said in our letter, we still cannot forecast how much we will actually receive in total or when the distribution will be complete but this is a very important step on the road to a conclusion for all our members. We will of course continue to keep you up to date with all future significant developments.