Motorola Looks to Cash in Uzan Assets

The Appellate Court concluded that US$2.132 billion of the US$4.26 billion indemnity awarded to Motorola in the case could be generated through the immediate sale of assets seized from the Uzans.

The decision by the Appellate Court is a great victory for Motorola, which has been fighting for nearly two and a half years to recover loans that were used inappropriately by the Uzans. Judge Jed Rakoff read the decision that gave the green light for Motorola to go ahead and cash in on US$2.132 billion worth of the Uzans’ assets.

Motorola spokeswoman Jennifer Weyrauch said that an appeal by the Uzans had prevented Motorola from recovering the US$2.132 billion until now.

Some of the assets Motorola is looking to sell include luxurious apartments in New York and London, as well as a jet. However, it has been declared that the income generated through the sale of these properties would meet only a small portion of the debt.

Motorola and Nokia filed suit against Cem Uzan, Hakan Uzan, Kemal Uzan, Melahat Uzan, Ayşegül Akay, Antonio Luna Betancourt and some firms belonging to Uzan Family in January 2002.