You've got it close. The more accurate version would be that it's the Equity Committee, which is rarely allowed to exist* in a Bankruptcy - for the reason that there rarely is monies left over for equity -- most BK's mean creditors barely get some money back...
The EC has retained Susman Godfrey to represent equity in this matter, and to attempt - against big and powerful forces - to attempt to ensure that Equity is not left out of the picture.
Normally, most BK's never have an EC, so therefore, rarely sees anything for equity.
...Catz
* A US Trustee assigned to every BK case. Rarely does the US Trustee appoint the 'optional' Equity Committee. Certain committees -- like the Official Committee of Unsecured Creditors are codified in law, as being required. An EC is 100% optional, at the discretion of the UST to be appointed. A WHOLE bunch of effort by several key people lead to convincing the UST that an Equity Committee was needed in this case. And "way back then", we had a Debtor claiming that Equity was "out of the money by $100b" -- now it's like $300m -- and falling fast.
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