Equity Holders Win Panel In Oneida Bankruptcy

Law360, New York (May 4, 2006, 12:00 AM EDT) -- Despite objections from the troubled flatware manufacturer, equity holders have won the right to have an official committee appointed in the ongoing Oneida Ltd. bankruptcy case.

Judge Allan L. Gropper signed an order on Thursday commanding the trustee to appoint an official equity committee, saying that though it was usually presumed that company directors would pay due regard to equity holders’ interests, the presumption “may be unrealistic” in this case.

The shareholders group consists of four institutions, which own approximately 2.6 million shares of Oneida stock....
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