Equity Holders Latest To Blast Smurfit's Plan

Law360, New York (April 8, 2010, 1:50 PM EDT) -- Smurfit-Stone Container Corp.'s Chapter 11 plan is facing more opposition, with equity holders for the bankrupt packaging company alleging the plan would enrich creditors and current and former management at the expense of shareholders.

In a filing Wednesday in the U.S. Bankruptcy Court for the District of Delaware, Mariner Investment Group LLC and Senator Investment Group LP called the company's plan “the culmination of an unreasonably conservative business plan, a significantly understated valuation and a defective corporate governance process.”

According to the equity holders, the debtors...
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