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
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