As we near the first anniversary of Nortel Networks’ bankruptcy filing, it’s interesting to see who’s making money off the insolvent telecom equipment maker.
As Mark Evans at All About Nortel discovered this week, there’s quite a list. And sitting at the top is law firm Cleary Gottlieb Stein & Hamilton LLP with a $51.3 million bill. Turns out, CGSH is one of the suppliers overseeing some of Nortel’s asset sales – and Nortel hasn’t been paying. CGSH showed an outstanding invoice of $40.8 million on the $51.3 million claim.
Other large bills include $2.7 million sought by the Huron Consulting Group, which helps distressed companies; $2.6 million demanded by Lazares Freres & Co., an investment and advisory bank; and $1.07 million for collection by Morris Nichols Arsht & Tunnell, a corporate and intellectual property law firm.
Nortel filed for bankruptcy on Jan. 14, 2009. Since then the once-legendary company has sold itself off in pieces. Ciena, for example, bought the optical networking properties at auction; Ericsson won the wireless units; and Avaya is taking over the enterprise division.