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U.S. Court Refuses to Delay Nortel Trial over $7.3 Billion

A U.S. bankruptcy judge on Tuesday said the trial over $7.3 billion in cash raised in the liquidation of Nortel Networks Corp. (NRTLQ) won't be held up while European creditors pursue what he called a "frivolous" appeal.Judge Kevin Gross sided with Nortel bondholders, mainly U.S. hedge funds, and against advocates for Nortel's European creditors, a group that includes retirees and disabled former workers.Bondholders want a fast court trial in the U.S. and Canada over who is entitled to the cash raised by selling off Nortel's businesses. Their claims attach to Nortel U.S. and Nortel Canada. European creditors contend international arbitration, with limited appeals rights, offers the swiftest, surest way to an answer on dividing the money raised by the sale of Nortel's businesses.Tuesday's decision means Nortel's warring international creditors will head toward a January 2014 courtroom showdown in the U.S. and Canada, even as European creditors plead with a federal appeals court to send ...

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  1. Courts to Rule on Nortel's $7.3 Billion Cash Clash

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