RE:RE:RE:RE:Tesla Silicone = HPQ !Snowdogy ... The horrors of the collapse of Nortel have nothing to do with China. Only about Nortel executives that were corrupted. It's all well documented. Some have even faced the justice but were acquitted.
3 former Nortel executives acquitted in fraud trial Ontario Superior Court Justice Frank Marrocco acquitted former chief executive Frank Dunn, former chief financial officer Douglas Beatty and former controller Michael Gollogly on Monday.
In a lengthy ruling, the judge said the Crown did not meet the burden of proof required to find the three men guilty.
"I am not satisfied beyond a reasonable doubt that Frank A. Dunn, Douglas C. Beatty and Michael J. Gollogly deliberately misrepresented the financial results of Nortel Networks Corp.," Marrocco said.
"Therefore, I find each of them not guilty of counts one and two in this indictment."
They had been accused of deliberately orchestrating a scheme in 2002 and 2003 that triggered $12.8-million worth of bonuses for themselves while Nortel stock continued to tank, eventually becoming worthless as the company collapsed into bankruptcy.
Dunn, Beatty and Gollogly had been accused of adjusting the company's reserves to make it appear as though Nortel was hitting its targets.
In one instance, the company had $189 million in excess accruals, but only released $80 million so it could boost numbers during the first quarter of that year, while holding onto the rest for use in future quarters.
It's also alleged that a year earlier, Nortel's own accountants were aware of $303 million in cash reserves that were held without a legitimate reason.
Opening arguments were heard roughly a year ago, but the beginning of legal proceedings only came about after more than four years of behind-the-scenes machinations by prosecutors compiling their case.
The defence argued there were accounting errors made in the middle of a major restructuring at the company, but that no conspiracy or fraud was intended.