He said his main mission was to represent institutional and individual shareholders to maximize the value of their holdings.

In mid-January, the company's lawyers came to terms with lawyers representing shareholders in a class action suit.

But lawyers representing shareholders and employees said they doubted that explanation.

Another committee, representing shareholders, is expected to cost about $7 million a year.

The three points also represent three groups of constituents: clients, employees and shareholders.

In a market economy, there is a natural balance among the normally biased interests of management, labor, directors representing shareholders and regulatory agencies.

"But the board represents shareholders, and it's supposed to monitor managers, who are just hired hands."

Its firms had agreed to represent shareholders for 5 percent or less, Ms. Conason said.

And not to forget, the "industry" represents employees, reliant communities and shareholders.

The lawyers, from 19 firms, had represented shareholders trying to block the company's emergence from bankruptcy earlier this year.