The judge will most likely not frame the case in those terms, but over the course of a lengthy, expensive trail, the prosecution has not offered a shred of actual evidence that former Nortel executives Frank Dunn, Douglas Beatty and Michael Gollogly conspired to commit fraud. Indeed, a great deal of evidence was offered by the defense to establish that everything the defendants did at Nortel was disclosed to and had the approval of the firm's auditors, Delloite and Touche.
The RCMP unit that gathered the evidence for the Nortel case is feeling apprehension about the outcome, as the only major conviction the ever secured was the slam-dunk Drabinsky fraud trial. The apparent reason for Nortel's ills was the legal, if stupid spending spree on ultimately near-worthless dot-com investments that the Board made before the executives on trail headed the company. The Nortel collapse was the biggest financial tumble in Canada, and will billions lost to investors, there was enormous pressure to find scapegoats and the Board was hardly likely to offer themselves up.