AbitibiBowater, Inc. (fka ABWTQ)

[famous]

FROM WARRIOR SHAH'S OBJECTION:

27. In In re Exide, an earlier decision by this respected Court, Your Honor denied plan confirmation due to undervaluation of debtor. The court determined that the plan “undervalue[d] the Debtor” and, therefore, failed to satisfy the “fair and equitable test” under section 1129(b). 303 B.R. At 78. In reaching its conclusion the Court took note of the argument advanced by the creditor committee's expert witness that “plans providing management and/or senior creditors with the majority of stock or options in the reorganized company (as in the Debtor's Plan) is a strong indicator that the company is being undervalued, resulting in a windfall for management and the senior creditors.”