'Ordinary' Visteon Shareholders Fight Confirmation

Law360, New York (September 30, 2010, 1:21 PM EDT) -- Two Visteon Corp. shareholders are challenging a bankruptcy court decision that they say gave members of the ad hoc equity committee, but not "ordinary shareholders" in a separate class, the right to buy a potentially valuable chunk of stock in the reorganized auto parts maker.

Appellants Mark Taub and Andrew Shirley argue that the disparate status of their equity claims in the plan, approved Aug. 31, violates an "equality of treatment" requirement in bankruptcy law and that the Visteon plan therefore should not have been confirmed,...
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