Two Cheers for Universalism : Nortel's Nifty Novelty

Those in the cross-border bankruptcy community hiding under rocks may not have heard about the monumental decisions in the co-trials in the Canadian-US Nortel bankruptcy proceedings. The decisions are thoughtful, innovative, practical, and important. They warrant a detailed case comment or two in their own right. This brief article, however, will not provide such worthy treatment. Those hungering for in-depth reports of the cases and their holdings may stop reading now and devote their labours elsewhere. What this article will be is an appreciation of Nortel, explaining both why it is such an important opinion (or pair of opinions) for the cross-border bankruptcy world and why it should be seen as a triumph, albeit an incremental one, for the universalist school of transnational insolvency