US, Canadian courts throw out Nortel appeal over ‘misleading’ figures

first_imgJudge Gross from the Delaware Bankruptcy Court said he fully understood the implications of the decision made in May, while Justice Newbould from the Supreme Court of Ontario accused the bond holders of providing misleading figures.“I see no injustice in the result,” Newbould said.“I need not repeat what is contained in the reasons for judgment released on 12 May 2015. Nothing argued on this motion leads me to consider I erred in any way in those reasons.”The original case has been ongoing since the Canadian company’s insolvency in 2009, triggering one of the world’s largest insolvencies.Facing a £2.1bn (€2.9bn) hole in the UK pension scheme, the trustees, alongside the regulator and PPF, began legal proceedings against the remaining estate to seek funding.However, proceedings were then challenged by the company over the right of the UK regulator to issue demands across borders.Other creditors also challenged the ruling, suggesting they had more right to the remaining $7.3bn of Nortel assets, with May’s decision providing equal footing.Angela Dimsdale Gill, a partner at law firm Hogan Lovells, which represented the trustees, said the firm saw no basis to change the judgments in the appeal.“The Judges have demonstrated they are robust in their view that a pro rata distribution of the remaining Nortel assets is the fairest and most just result,” she said. “We hope the matter can now be swiftly concluded and that all creditors can access what is rightfully theirs.” Two courts have thrown out an appeal by Nortel Networks bond holders against a decision to provide the UK pension fund with equal claim on assets, after the US creditors were accused of misleading the case.In May, two judges sitting simultaneously in US and Canadian courts ruled that the trustees of the Nortel Networks UK pension scheme were entitled to an equal share of the remaining $7bn (€6.3bn) of assets left over from one of the world’s largest insolvencies.Nortel’s other creditors, mainly US bond holders, challenged the decision, which they said was unequal between their claim and that of UK trustees, backed by The Pensions Regulator (TPR) and Pension Protection Fund (PPF).Again, judges in the US and Canada dismissed bond holders’ claims that the initial decision would lead to unintended consequences.last_img read more

Roma: US billionaire completes €591m takeover

first_img Read Also: Barcelona sporting director survives sack attempt Houston-based Friedkin is the chief executive of a consortium notably involved in the automotive and hotel and entertainment industry. The Friedkin Group have through Romulus and Remus Investments LLC, purchased the 86.6 percent majority stake in Roma, and will launch a mandatory tender offer for the remaining 13.4 percent of share capital, the club said in a statement. Friedkin takes over from Pallotta as club chairman, in a new executive committee which includes his son Ryan, with Guido Fienga remaining on as CEO. Pallotta bought two-thirds of the club’s shares in 2012, but had 100 percent ownership since 2014. FacebookTwitterWhatsAppEmail分享 Loading… “We are delighted to join the AS Roma family,” said Friedkin. “As one fan wrote recently, ‘Take our iconic club and make it one of the greatest names in world football. We intend to do just that. Our commitment to Roma is total. We will be very present in Rome, a city that holds a special place in our hearts, as we embark on this exciting journey. “Our vision for the club and the team is to favour a sustainable and long-term investment approach rather than quick fixes. We recognise that we have been entrusted with a team. which represents a vital part of the soul of Rome, and this is a responsibility that we will always take very seriously and humbly.”center_img US billionaire Dan Friedkin promised to turn Roma into “one of the greatest names in world football” after completing his €591 million ($700 million) purchase of the Italian club on Monday. Friedkin, 54, takes over the Serie A side after nine-years under the ownership of fellow American James Pallotta, 62. Promoted Content10 Hyper-Realistic 3D Street Art By OdeithThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreA Soviet Shot Put Thrower’s Record Hasn’t Been Beaten To This Day8 Superfoods For Growing Hair Back And Stimulating Its GrowthWhy Go Veg? 7 Reasons To Do ThisTop 9 Scariest Haunted Castles In EuropeYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime5 Of The World’s Most Unique Theme ParksBest & Worst Celebrity Endorsed Games Ever MadeWhat Happens To Your Brain When You Play Too Much Video Games?Who’s The Best Car Manufacturer Of All Time?The Highest Paid Football Players In The Worldlast_img read more

Why Nigeria Needs the Bombast of Amaju Pinnick

first_imgIdeally everyone who wants to do business in Africa should first talk to us given our population size, economic potential and the industry of our people. Often you get the feeling that many of us forget how powerful being Nigerian can make you. Not Pinnick, he is bold and dramatic. This showed when he helped unseat the legendary Issa Hayatou as president of CAF and install a man from Madagascar in his place. That was no mean feat, especially when you consider that others in his position would have withdrawn into the shadows and grumbled about the impregnability of the Franco-phone conspiracy.He has also dribbled his way into the good books of the FIFA hierarchy, ensuring that in the high-wire politics of global football Nigeria now enjoys more voice and consideration in Cairo and Zurich. Every head of a sports federation in Nigeria would do well to take a trip to the Glass House to see Pinnick and get a tip or two on how to flex their Nigerian muscles. It would serve them well.Michael Emenalo is a Nigerian legend, please respect thatSomeday I will understand how the Nigerian mind works, not today. Can someone please help me understand how Nigerian fans would say “good riddance” to Michael Emenalo after he resigned his position as the technical director of “their” football club Chelsea FC of London? Even sports writers, who you imagine should know better joined in the silliness for social conversation. Were Emenalo white, South American or Asian, such could never have happened as he would have been upheld as a Nigerian legend. But as they say, Africans have no heroes.I doubt any Nigerian, alive or dead, has managed anything like the profile Emenalo has built for himself in world football. Although it is not in our nature to hero worship anyone that is not a private-jet flying pastor, Emenalo is no ordinary Nigerian. Well educated, he played at the 1994 World Cup as part a team considered the best Super Eagles of all time. He also played for the biggest club in Nigeria, Rangers International, before heading overseas. While in Israel he worked under former Chelsea coach Avram Grant and impressed him so much that the Israeli tactician recommended him to Chelsea’s Russian billionaire boss Roman Abramovich in 2007.He rose to become the technical director just four years later, a position, truth be told, the English press and fans did not enjoy being handed to a Nigerian. At his level he needed to be world-class at his job, and he did enough to win the respect of Abramovich. He could not have earned his promotions because anyone liked his face, and he would have had to work doubly hard as a black man and one from Africa at that. The records showed that he went on to sign some of the best talents the club has known and in his time the club won every trophy on offer, including three league titles and the FA Cup, as well as the UEFA Europa Cup and Champions League titles. He also made the club’s academy one of the most competitive in Europe, winning the UEFA Youth League in 2015 and 2016.Proof of his quality is that French champions Monaco have now snapped him up as their new technical director in a move they said showed their ambition. I bet those guys know a thing or two more about world class football than the Nigerian fans who said “their” club was better off without him. In the words of Monaco vice president Vadim Vasilyev: “I invested a lot in him coming. His know-how in detection and recruitment, as well as the technical experience acquired in one of the most successful clubs in recent years, are the reasons that led us to present this ambitious challenge. This appointment is another sign of our ambition and our desire to be as competitive as possible.’Those guguru and epa sports analysts and fans should go tell Monaco they don’t know what they are doing.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Let me start by admitting that I have not always been a huge fan of the Nigerian Football Federation president, Amaju Pinnick. However the events of 2017 have led me to admire a great quality in the man that I believe Nigerian leaders, not only in the sports sector, should emulate. Much of my problem with him had to do with what I perceived, in the early days of his administration, to be his adulation of the English Premier League. When he publicly declared that he was an Arsenal fan, I felt it bordered on the sacrilegious that the number one man in Nigerian football would become a noncommissioned brand agent for a foreign club and league when he should be totally focused on making a success of the struggling domestic game. Back then, over two years ago, I remember expressing my outrage on this column and advising that given his influential and sensitive position, Pinnick should publicly retract his Arsenal love.I have also not been enthusiastic about his apparent desire to scout almost every Nigerian citizen with dual nationality that has ever kicked a ball in Europe to play for the national team. Instead I believe we will never achieve a balanced national team or make the most economic gains from football commerce, until we turn our local league into a talent minting industry. In more recent times, watching Pinnick strut his stuff on the international stage, and seeing him exploit the strengths of the green-white-green with swaggering braggadocio, I have felt that few Nigerian leaders, if at all, have really understood how powerful the Nigerian brand can be and how to exploit it to their advantage on the world stage like Pinnick does.last_img read more

Pavol Krasnovsky – RTSmunity – Betting on esports

first_img RTSmunity extends partnership with forBET August 7, 2020 StumbleUpon Share SBC Magazine Issue 10: Kaizen Gaming rebrand and focus for William Hill CEO August 25, 2020 Related Articles Share RTSmunity extends esports partnership with Sazkabet August 25, 2020 Submit Pavol Krasnovsky, RTSmunityPavol Krasnovsky is the Founder and CEO of RTSmunity, market maker for esports on Betfair and Matchbook exchanges and odds supplier. Krasnovsky is joining the Betting on Esports conference (September 12-15th) panel focused on data, the challenges that come with it in esports markets but also how to harness it to succeed.Alongside him on this panel will be Pinnacle Trading Director Marco Blume, Sportradar Head of Esports James Watson, and Oskar Froberg, Founder of Abios Gaming. HLTV’s Per Lombaek will moderate. Esports Insider: Why did you decide to speak at Betting on Esports this year?Pavol Krasnovsky: As the market maker for esports on Betfair and Matchbook exchanges, we have experienced a long journey when creating the truly automated low-latency infrastructure providing real-time experience for esport betting. We would like to share with the community what we have learned on the way about the most complex sport there is. Also, we can see across the industry that many betting companies perceive the offering of esport odds as a huge challenge. ESI: Where do you see the future of regulated esports betting going? Do you ever see the game publishers working with this industry?Pavol: Esports betting will grow both horizontally and vertically. With live betting, it is just a matter of time till the models will improve sufficiently so the new markets can flourish. There will be more esports titles with larger reach amongst the population capturing even the audience which is not yet interested in existing esports games. A separate chapter for esport betting will be written by mobile games with games such as King of Glory or Clash Royale already making their mark. The integration of odds with streaming services can further provide faster conversion from viewer to punter.Many of the current publishers are from US, where betting is largely prohibited, which may be the cause of their dilemma. Notably, this is even when their counterparties in legacy sports organisations like the NBA or NHL do cooperate. Since there are strong publishers coming from the east, like Tencent or Bluehole, they might use betting to increase the engagement for their titles in Western markets, or globally for that matter. This potential precedent will be interesting to watch, especially if that happens, to see how US tycoons react.ESI: How has the past year been for RTSmunity? How has the landscape changed?Pavol: RTSmunity recorded a fantastic year in many different areas. We have finished the development of low-latency infrastructure to be able to react to development in the game the fastest in the industry and with minimal manual input. We have become the market maker on Betfair and Matchbook. To support all the growth, our team has more than tripled. And there are more things to come in the next couple of months.For us, the key change in landscape has been that more and more companies are open to discussion to better understand the complexity and intriguing nature of esports. The more they understand the comprehensiveness, the better they understand that there are not that many partners meeting all their needs, mainly in the area of esports live odds and risk management.ESI: What can attendees expect to hear from your involvement in the ‘Data, Data, Data’ panel at Betting on Esports in September?Pavol: I would like to share with the community challenges we face and solutions we have developed. Ultimately, the odds given for a live esports market is just one figure. But it keeps changing every couple of seconds. To recalculate it, you need the entire complex process in place: to obtain the data without a delay, to have the dedicated low-latency infrastructure in place, to develop and update the right algorithm. And to push it to clients in no time, since there are punters expecting a real-time online experience. This is the true complexity of online sport with 100+ variables in a nutshell. So, it is not that simple after all. And do not forget esports games have been changing every patch and will continue to do so, whereas the rules in football, for example, have stayed largely the same for years.ESI: Do you see the major potential in regulated esports betting as being P2P?Pavol: P2P betting is feasible as a concept, nevertheless the platform needs to prove itself to be commercially viable. There are still a lot of questions that need to be addressed: trust within the chain, brand recognition, user experience within mixture of odds, balancing of demand vs. offer with probability of counterparty non-existing, settlement risk, etc. In addition, the current discussion splits into two: bets on professional games vs. bets on matches bettors are involved in. For the first group, the key question remains the demand vs. offer ratio. For the latter, it is very likely that some part of the bettors might be minors. In combination with fact that companies involved are looking at the US market, this can be an uphill battle._________________________You can meet Pavol Krasnovsky at next week’s Betting on Sports Conference (#boscon2017) at which he’ll be speaking on the Data, data, data panel as a part of the Betting on Esports event. RTSmunity will also have a stand (A5) in the esports exhibition area. You can reach out prior to the event at pavol.krasnovsky@rtsmunity.comlast_img read more