Beacon Power Corp. (fka BCONQ)

[the cork]

Generally speaking that is true BB, however with Q's there are always exceptions to the rule.

TDLPQ, QSGI, CIBH, and NTRZ being the most notable recent examples that required no equity committee to ensure survival of the commons.

BCONQ already states a substantial equity to debt ratio to the plus side, so proving that equity is "in the money" should be less of an issue:

"The company reported assets of $72 million and debt of $47 million in its Chapter 11 petition."
http://www.bloomberg.com/news/2011-11-03/beacon-power-approved-to-use-cash-could-sell-some-assets-2-.html

While the equity committee process you described is one way equity survives it is not the only way. If it gets gnarly I'd rather have one than not, but just having an equity committee is no guarantee of a favorable outcome either. The judge hearing the case is important too, and unfortunately in our case, Judge carey is a real dink. GLBB