They do and that is why it was formed. The equity committee gets to be the voice of the shareholders, and that in turn allows them to submit objections to the court with evidence and due diligence to back it up. The reason they didn't know a settlement had been agreed upon is because nobody let them know. Not that they were out partying the night before. After talking with Bop some at Y! I feel that this is their way of trying to move assets out of BK court so that when reorganized, they can have them returned to the new company without the shareholders getting any. As a favor. The EC has to see this too, and won't just let it pass ( I HOPE) and will hopefully submit an objection and their reasons why.
If the judge doesn't realize what is going on after all this (I doubt it) she will get a wake up call from the people that are being left out in the cold with this proposal.
IMO
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