The news hit the Interwebs today that Google’s attempt to score Nortel Networks patent arsenal has been approved by a court today… Sort of:
Nortel Networks Corp. said Monday it has received court approval for a $900-million “stalking horse” bid by Google for the company’s remaining patents and patent applications.
Qualified bidders hoping to top the Google offer will be required to submit offers by June 13, while the auction is set for June 20.
That’s the good news. If you’re a Nortel pensioner or creditor, here’s the bad news:
The company has said it doesn’t expect its common shareholders, or holders of Nortel Networks Ltd. preferred shares, will receive any of the proceeds.
It’s also unlikely that Nortel pensioners in Canada who have fought the company over the windup of their pension plan will get any of the money raised from the asset sales.
That sucks. I wonder who’s pocketing that cash?
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This entry was posted on May 2, 2011 at 7:45 pm and is filed under Commentary with tags Google, Nortel, Patents. You can follow any responses to this entry through the RSS 2.0 feed.
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Google’s Bid For Nortel Networks Patents Approved
The news hit the Interwebs today that Google’s attempt to score Nortel Networks patent arsenal has been approved by a court today… Sort of:
Nortel Networks Corp. said Monday it has received court approval for a $900-million “stalking horse” bid by Google for the company’s remaining patents and patent applications.
Qualified bidders hoping to top the Google offer will be required to submit offers by June 13, while the auction is set for June 20.
That’s the good news. If you’re a Nortel pensioner or creditor, here’s the bad news:
The company has said it doesn’t expect its common shareholders, or holders of Nortel Networks Ltd. preferred shares, will receive any of the proceeds.
It’s also unlikely that Nortel pensioners in Canada who have fought the company over the windup of their pension plan will get any of the money raised from the asset sales.
That sucks. I wonder who’s pocketing that cash?
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This entry was posted on May 2, 2011 at 7:45 pm and is filed under Commentary with tags Google, Nortel, Patents. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.