Atlantic Telecom shareholders are revolting

NEWS Atlantic Telecom is facing a revolt by a group of shareholders looking to reverse a decision by the company to put itself into administration. The Campaign for Atlantic Telecom Shareholders (Cats) plans to fund the necessary legal action by appealing to fellow shareholders for a donation. However, if Cats fails in its efforts Atlantic shareholders stand to get nothing for their investment, with administrator PricewaterhouseCoopers saying any money raised from the sale of assets will go to creditors and bondholders. Cats is angry that shareholders weren't consulted before the company went into administration and the Telegraph quotes Cats' deputy spokesman as saying an emergency rights issue would have been its favoured tactic.