|The trial against the ex-Nortel executive continues and the salacious facts are coming out fast and furious now.|
"Ms. Verity testified she was annoyed that there were changes to accounting entries into late January, which she said was “very late” in the closing process. The final changes were made just two days before the company issued a press release announcing its 2002 results.
In court Tuesday, Ms. Verity was shown journal entries she completed recording a $25,519,848 cost for the JDS deal, and a second entry recording a $25,519,848 reduction in the inventory reserve.
Crown attorney David Friesen noted the amounts matched exactly, and asked Ms. Verity whether there was any connection between the inventory reserve and the JDS deal. She said she was not aware of any."
|"Three former Nortel Networks Corp. (NRTLQ) executives are in criminal court accused of a $5 million fraud at what was once North America’s largest telephone-equipment maker.|
|Big bets in the day and not that long ago were all about juggernaut Nortel Networks Corp. Too big to fail absolutely not with these boyz in charge and whom do we now have dishing out denials? Familiar names to some of us and innocent until proven guilty is how it works. Hardly this observer is supposing with the conclusion appearing grim for the terrible threesome if convicted.|
"Former Chief Executive Officer Frank Dunn, former Chief Financial Officer Douglas Beatty and former Controller Michael Gollogly allegedly misstated financial results between 2000 and 2004, allowing them to pocket millions in bonuses. All three pleaded not guilty as the trial began today at Ontario Superior Court in Toronto."
|Nortel filed for bankruptcy in January 2009 after reporting $11.6 billion in consolidated assets against $11.8 billion in debt as of Sept. 30, 2008.|
"The company has since sold its business units for at least $7.5 billion, including the $4.5 billion sale in July of its patent portfolio."