Mirant's equity committee wins hearing for expert testimony

New York, March 31 - Mirant Corp.'s official committee of equity security holders said they will be able to present their expert testimony at the company's valuation hearing thanks to a ruling by the U.S. Bankruptcy Court for the Northern District of Texas.

The committee added that its witnesses, Benjamin Schlesinger and Associates and Kenneth Slater, will tell the hearing that Mirant is worth millions of dollars more than the company's estimate.

The valuation hearing is scheduled to begin on April 12.

The equity committee claimed that Mirant and several large creditors are intentionally undervaluing the company "in order to hide value from shareholders and abuse the bankruptcy process for personal gain."

Specifically, the equity holders say Mirant is using energy prices more than a year old. The increase since then has "significantly" added to the value of the company.

Under Mirant's proposed plan of reorganization stockholders will receive nothing.

Mirant, an Atlanta-based power company, filed for bankruptcy on July 14, 2003. Its Chapter 11 case number is 03-46590.

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