Reply #19: the agreement by which they got 55% equity did not give them a majority on the board. [View All]

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although in a sense it doesn't matter; during bankruptcy, the fiduciary responsibility of the board and the executives is primarily to the creditors, not to the equityholders. so even if they did control the board, they'd still have to cow-tow to the hedge funds rather than the rank-and-file.