Extract to table

The purpose of this memorandum is to advise Meridian's management team and its equity sponsor, Briarstone Capital Partners, on the rights, duties, and fiduciary obligations that attach to Committee membership, as well as the critical limitations on information sharing that Meridian must observe throughout the pendency of this case

This fiduciary obligation constrains how Meridian may act in its capacity as a Committee member and creates boundaries that Meridian's representatives must carefully observe

As explained in detail in Section VI below, Briarstone personnel must not receive Committee-confidential information absent specific authorization from the Committee or its counsel, and appropriate information barrier protocols must be established and maintained

§ 1102(a)(1), the United States Trustee is required to appoint a committee of creditors holding unsecured claims "as soon as practicable after the order for relief

For Meridian, this means that when participating in Committee deliberations, voting on Committee positions, or otherwise acting in its capacity as a Committee member, Meridian must consider the interests of all unsecured creditors

When the Committee considers its position on any matter — whether the DIP financing terms, plan distributions, or estate causes of action — Meridian's representative must consider the impact on this entire constituency, not solely the impact on Meridian's individual recovery