MIG Creditors Ask To Sue Over Poison Pill Provisions

Law360, New York (November 4, 2009, 4:12 PM EST) -- Creditors of bankrupt telecommunications holding company MIG Inc. are seeking to bring a derivative action over certain poison pill provisions that could decimate the value of the debtor's primary asset.

In a motion filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware, the official committee of unsecured creditors asked for an order granting it standing to prosecute a lawsuit on behalf of the debtor's estate.

The creditors committee contends that the company's board of directors is conflicted and not likely to bring such...
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