A legal rollercoaster

US-based Polygon wants to see a better restructuring deal for British Energy’sshareholders. But the hedge fund faces a struggle to prevent the UK nuclear powergenerator from delisting. Joe Marsh reports

Several large British Energy (BE) shareholders – led by US hedge fund Polygon – are seeking to prevent the nuclear generator from going ahead with its restructuring plan (see box) following its late-September application to delist its shares. The plan would leave shareholders in a far worse position than bondholders, since the bonds have been trading at well above par. But despite Polygon’s high-profile campaign on behalf of its fellow shareholders, the story’s twists and turns so far seem