Nortel Networks shareholders may be taking a bath as the company aggressively pursues a breakup plan and the stock goes into the black hole of having its trading suspended on the Toronto Stock Exchange, but they’ve got company. Two former execs--ex-CEO Frank Dunn and ex-CFO Doug Beatty, who were both fired in 2004--are scrambling to cover some of the cash they’re spending to defend themselves against accounting fraud allegations. Nortel's insurer has balked at paying the two execs multi-million dollar legal bills.
For more:
- see this Toronto Star article [1]
Related articles
Three former Nortel execs charged with fraud [2]
SEC hounds former Nortel execs [3]
Links:
[1] http://www.thestar.com/business/article/654941
[2] http://www.fiercewireless.com/story/three-former-nortel-execs-charged-fraud/2008-06-19
[3] http://www.fiercetelecom.com/story/sec-hounds-ex-nortel-execs/2007-09-13