- Given the breaches of fiduciary duties and frauds on creditors perpetrated by
Dynegy Holdings’ current managers and officers (see ECF No. 48), any plan that purports to
maintain the current makeup of Dynegy Holdings’ board simply is not consistent with current or
future creditors’ interests. Moreover, the continuation of Dynegy Holdings’ current board and
officers runs directly contrary to public policy, which should bolster good governance and punish
malfeasance – the Proposed Plan does the exact opposite. The Proposed Plan therefore cannot
meet the confirmation requirements set forth in section 1129(a)(5).