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Local Tech Wire
RESEARCH TRIANGLE PARK, N.C. – The three remaining board members at bankrupt Nortel have been awarded a raise of $100,000 each, according to the latest bankruptcy report by Ernst & Young.
The firm, which is overseeing the bankruptcy of the telecommunications gear maker, with the Ontario Superior Court of Justice in Canada:
“The Applicants [Nortel] have indicated that as a result of additional responsibilities being assumed by the 3 remaining directors, their compensation, specifically the director fees, will be increased to 4225,000 per director per annum and the fee for the Chairman of the Board will increase to $325,000 per annum (inclusive of the Chairman’s director fees.)”
The raise is $100,000 a year, according to median reports.
On Aug. 11, six board members, including former N.C. Gov. Jim Hunt and Chief Executive Officer Mike Zafirovski resigned. Zafirovski also quit as CEO. Board Chairman Harry Pearce.
David Richardson took over as chairman.
The board chose not to hire a new CEO and granted more authority to E&Y to help coordinate the sale of its remaining assets.
