| Source: www.allaboutnortel.com --- Tuesday, November 01, 2011
Looks like Google is one step closer to acquiring Nortel's patent portfolio for $900-million. In a press release , Nortel said today it had obtained orders from the United States Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice approving the "stalking horse" asset sale agreement with Ranger Inc., a wholly owned subsidiary of Google. The court orders also established bidding procedures for an auction that will let other qualified bidders to submit higher or better offers, as required under Section 363 of the U.S. Bankruptcy Code. These bids must be submitted by June 13, 2011, subject to any permitted extensions.The auction is scheduled for June 20, 2011. Following completion of the bidding process, the sale will require final approval of the U.S. and Canadian courts. Among the companies expected to bid for the patents are Research in Motion, which is interested in Nortel's LTE patents. ...
from Google http://www.rssmicro.com/?q=Google&f=0 |
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