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Ex-Nortel CEO seeks $12M from bankrupt company

Former Nortel Networks CEO Mike Zafirovski is seeking more than $12 million from the bankrupt company, according to a filing in the U.S. Bankruptcy Court for the District of Delaware.

Zafirovski, who failed to turn around the once venerable telecom giant after an accounting scandal, a series of financial restatements and the economic recession, wants no less than $12,250,543.48 from Nortel. Nortel filed for bankruptcy in January, began liquidating assets in June, and saw Zafirovski resign in August.

Zafirovski claims his 2005 employment contract with Nortel entitles him to the millions.

The blogosphere expressed its disgust. All About Nortel’s Mark Evans says “As Nortel continues to disappear, the stream of head-shaking news continues to emerge.”

And Billingworld.com says it is “at a loss for words over Zafirovski’s claim except to say that this is truly tool-like behavior.”

Nortel declined to comment.

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