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Americans and non Americans alike? I’d be surprised if foreign depositors living in the EU would be made whole; Could this ever happen?
by eastbound 3y ago
Americans and non Americans alike? I’d be surprised if foreign depositors living in the EU would be made whole; Could this ever happen?
- Scoundreller 3y agoWhether a bank deposit or an unsecured creditor, you don't get screwed if you're a foreigner (unless there's a foreign subsidiary, then figuring out who gets what gets complicated and can drag on for years). Canada's Nortel went bankrupt in 2009, and they only got a ruling on the apportionments between the creditors of the different subsidiaries in 2015: https://financialpost.com/legal-post/nortel-bankruptcy-judges-rule-on-how-to-divide-us7-billion-among-warring-creditors https://financialpost.com/legal-post/nortel-bankruptcy-judge... Along with more fights between them over other funds in 2016 and 2017 https://www.bloomberg.com/news/articles/2016-04-05/nortel-bankruptcy-fight-resumes-with-2-billion-spent-on-fees https://www.bloomberg.com/news/articles/2016-04-05/nortel-ba... https://www.hugheshubbard.com/news/firm-assists-nortel-in-settlement-of-7-3b-allocation-dispute https://www.hugheshubbard.com/news/firm-assists-nortel-in-se... The accountants/lawyers end up doing well and can suck a lot dry.