Updates to this story
Here comes the stalking horse, and its name isn't Pestilence but Google.
Nortel, the telco and manufacturer of telco equipment, has entered a stalking horse asset sale agreement with Google - where it wants to sell off all of its remaining 6,000-ish patents and patent applications. Remaining is the word to look at here: Nortel has been flogging assets for some time.
Ruined Nortel recently sold off a ton of IPv4 addresses to Microsoft for $7.5 million.
The sale, if it goes through, will see Nortel handed $900 million from Schmidt And The Gang. It'll be for every patent left in its portfolios, including data networking, wireless, 4g, voice, semiconductors and other unnamed important slips of paper.
Bankrupt Nortel is filing the agreement with the United States Bankruptcy Court for the District of Delaware. Nortel says that common shareholders probably won't receive "any value from the creditor protection proceedings" and it thinks that the proceedings will mean the cancellation of equity interests.
Regulators will have to be satisfied with the sell first and awaits approval.
Here, Google says from its bog, that the agreement comes after a "lot of thought". Kent Walker, speaking as General Counsel, says that the portfolio will hopefully help it fend off potential legal squads from going sue-crazy, while it'll also be helpful to the open source development of both Android and Chrome.