Was it Reyna that asked that? I'll have to re-listen, but whoever asked that said they were willing to allow that shareholders have a legitimate interest in the case, but was hung up on this detail. Marjac gave an excellent answer (no law/rule that requires individual disclosures, but can supplement if needed).
To me that sounds like Reyna is close to satisfied with regards to significant protectable interest and "interest directly affected", but wants to make sure.
Judge Dyk was hung on this issue for sometime. Who are the members of epadi? Kind of seemed like Dyk wanted to spank all the members who brought this lawsuit and seemed like he was offended. This guy is a tough one..