Smurfit-Stone Trustee Balks At Equity Committee Bid

Law360, New York (September 24, 2009, 6:53 PM EDT) -- The U.S. trustee overseeing the Smurfit-Stone Container Corp. bankruptcy proceeding has joined the creditors committee in opposing a bid from investment manager Caspian Capital Advisors to appoint an official committee of equity holders.

In an objection filed Sept. 23 in the U.S. Bankruptcy Court for the District of Delaware, U.S. Trustee Roberta A. DeAngelis said Caspian failed to demonstrate that equity holders would receive a distribution from the estate and that their concerns would be ignored without the appointment of a committee.

“Caspian is a sophisticated...
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