Riverstone Faces Off Against Dissident Shareholder

Law360, New York (March 20, 2006, 12:00 AM EST) -- Bankrupt telecommunications company Riverstone Networks Inc. is defending itself against a bid by one of its largest shareholders, Charles L. Grimes, to toss the company’s Chapter 11 filing.

Grimes moved to dismiss Riverstone’s case in February, arguing that the company is actually solvent and that it had failed to prove that it was suffering from financial distress at the time it filed its petition for bankruptcy.

“The mere fact that the company was losing money and experiencing a downward spiral is not sufficient to establish financial...
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