AgFeed Industries Inc. (fka FEEDQ)

[finbar99]

Just saw this on one of the bk news sites I follow - only relevant to Agfeed insofar as it highlights the role of the US Trustee in getting an EC - they can approve outright, they can pass it off to the court but still support appointment, or as in this case - they can block it every step of the way.

The U.S. Trustee assigned to the Eastman Kodak case filed with the U.S. Bankruptcy Court an objection to the shareholders' motion for an order approving the appointment of an official committee of equity security holders. The U.S. Trustee asserts, "It objects to the Equity Committee Motion because the Movant has failed to meet his burden of proof to show that: (i) there is a substantial likelihood that equity shareholders will receive a meaningful distribution in these cases, and (ii) that the interests of the equity shareholders are not adequately represented by the Official Committee of Unsecured Creditors (the 'Creditors' Committee'). For these reasons, the United States Trustee requests that the Court deny the Equity Committee Motion."