Shareholder Objects To Regent Reorganization Plan
March 25, 2010 at 3:41 AM (PT)
Shareholder RESILIENT CAPITAL MANAGEMENT is challenging REGENT COMMUNICATIONS' reorganization plan, asking the court to appoint a special committee to protect the interests of shareholders in REGENT's Chapter 11 plan.
In a filing with the bankruptcy court on TUESDAY, RESILIENT said that it believes that the company was undervalued by OPPENHEIMER AND CO. in the plan, which gives current shareholders 12.8 cents/share as a "gift."
RESILIENT holds over 2.8 million shares of REGENT, about 6.6%.