Sunedison Inc. (fka SUNEQ)

[BayTrader280]

American Airlines went thru same thing....

I know this is a different yet similar BK situation but I'd like to stir up some conversation this morning peoples :)

http://aviationblog.dallasnews.com/2013/01/amr-says-stock-may-be-worth-something-after-bankruptcy-exit.html/

The Miller letter made reference to other letters exchanged by Justice Department’s Office of the United States Trustee, which is participating in the bankruptcy case, and AMR’s lawyers in late 2011 and early 2012, shortly after the bankruptcy filing, as well as correspondence from the unsecured creditors committee’s attorneys.

Early in the case, a shareholder had asked that an equity committee be formed to represent the holders of AMR’s 335.2 million shares of common stock.

“On behalf of the Debtors, our letters opposed the appointment of an equity committee on the primary ground that there did not appear to be a substantial likelihood that [equity holders of AMR] would receive any meaningful distribution in the chapter 11 cases under a strict application of the absolute priority rule,” Miller wrote. “In addition, we noted that equity holders appeared able to adequately represent their interests in the chapter 11 cases without an official statutory committee.”

But now the outlook has improved. “Accordingly, and in the interests of full transparency, we have concluded that it is appropriate to advise you of the change in circumstances concerning the potential economic interests of AMR equity holders,” Miller wrote Masumoto.

The Miller letter was dated last Thursday and filed Tuesday with the U.S. Bankruptcy Court — one day before the AMR board of directors is scheduled to meet to discuss AMR’s deliberations with US Airways management over a possible merger.