School Specialty, Inc (fka SCHSQ)

[free_bee]

Black swan
Shareholder advocacy was a critical feature in
the seven 100 cent+ cases we studied. In four
of them, an Official Committee of Equity
Holders was appointed. In the other three
cases, equity holders remained in control and
assisted with the restructuring. With or even
without an Official Committee of Equity
Holders, key shareholder advocates participated
actively and vigorously in all cases to maintain
ownership and control of the entity upon its
emergence. Pershing Square Capital
Management was not only an ardent
shareholder advocate, but also a major equity
contributor to the reorganized GGP.
ASARCO’s parent, Grupo Mexico, displayed
the same level of fervor, putting forth a
competing plan of reorganization that was
ultimately approved by the court. In the Flying
J case, the equity owners worked tirelessly to

http://www.grantthornton.com/staticfiles/GTCom/Advisory/Restructuring%20and%20turnaround/Case%20studies/Case_Study-100_cent_%20cases-FINAL_%2001252012.pdf