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CBCnews.ca says the former executives and company directors want to base Nortel in Ottawa and have it remain Canada's top investor in R&D. Nortel, which currently has headquarters in Toronto, already has a large R&D facility in Ottawa.
Under the group's plan, Nortel would concentrate on building a high-speed broadband network across Canada after divesting a third of its operations, the CBC report states. It also says politicians have been "lukewarm" to the proposal.
Three members of the group are ex-Nortel President Bob Ferchat; David Patterson, a former Nortel director; and David Mann, a former Nortel vice president. The group has private capital but needs the government to float $1 billion in order to see its plan through, according to the CBC.
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