That leaves shareholders high and dry.

While the former leaves shareholders as likely fall guys for self-interested risk-taking by insiders, the second is legitimately positive.

Newer annuity business, still mostly from existing pension policyholders taking out annuities, leaves shareholders with longevity risk but they also benefit from investment margins.

Her approval, along with various plan changes, leaves shareholders and other opponents with fewer targets to take aim at during hearings that begin Wednesday.

The shareholders claim that the offer by Catalyst benefits Pacific's co-chairmen but leaves shareholders with nothing, the Journal reported, citing sources familiar with the talks.