Syms, Filene's Creditors Seek To Disband Equity Committee

Law360, New York (November 28, 2011, 8:07 PM EST) -- Unsecured creditors of Syms Corp. and Filene's Basement LLC urged a Delaware bankruptcy court Wednesday to immediately disband a committee that represents equity holders, saying that the committee is too cozy with the company's leadership because managers and directors own so much Syms stock.

Through their own official committee, unsecured creditors moved to either break up the official committee of equity security holders or to have U.S. Bankruptcy Judge Kevin J. Carey limit the scope of the equity committee's work and cap the amount of legal...
To view the full article, register now.