Categories:Corporate

Herbies benefits from E&Y link with clutch of Nortel mandates

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  • After 6 months of unemployment, my state benefits of $120 a week have now ceased, so am living off my wife's part time job as a supermarket assistant for which she receives $600 per month. Now run that one past me again - "We've achieved a great result for employees"

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  • So let me understand this correctly - Herbert Smith were instructed by NORTEL to advise them in respect of the administration process in EMEA and on filing informed Nortel they were NOW acting for E&Y (I think Law Society has some rules about conflicts of interest somewhere)....this article is silent on that and clearly acting for Admininstrators justifies 4 lawyers on every call, at every meeting....

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  • Shame the Lawyer did not check the spin
    HS were engaged originally by NORTEL not E&Y, they started acting for E&Y when Nortel filed (I think the Law Society has rules on that point)
    They spent months trying to work out what to do as they had advised on a process to apply which they did not actually understand
    And they and the Administrators had absolutely no interest in the employees - creditors are king (after making sure they billed as much as they could of course....why else have 4 lawyers at every call or a meeting?)

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