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Oneida Shareholders Demand Equity Committee

Law360 (April 18, 2006, 12:00 AM EDT) -- Shareholders of bankrupt flatware maker Oneida Ltd. have asked a judge to form an official equity committee, claiming that the creditors committee will not challenge the company as it reorganizes.

“There is a very good chance that, absent the appointment of an official equity committee, [Oneida’s] cases will appear from hindsight as a rigged proceeding,” equity holders said in a court filing.

Under the terms of the prepackaged reorganization plan that Oneida filed with its Chapter 11 petition, secured creditors are slated to be repaid completely....
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