But Pirelli, which claims it can muster more than half the voting shares of Continental, said it will take the issue before shareholders next month.

"One would have thought he could have negotiated a higher price," said an arbitrager, who thought that the executive had put jobs before shareholders.

Until then, fund managers did not have to divulge how they voted on proposals put before shareholders.

The company valued the recapitalization, which has yet to go before shareholders, at $55 a share.

"If the officers are not playing ball and not counting the pennies, how can you stand in good conscience before shareholders and eliminate dividends?"

At the same time, the bank's board authorized a 3-for-2 stock split, which will be put before shareholders in September.

As JL are one of the few retailers that reward their staff before shareholders I think they should be championed at every opportunity.

He said that such a request would have to be put before shareholders at the group's annual general meeting in May.

But analysts also question why the company decided to dismantle itself instead of putting the buyout offer before shareholders.

During a company's bankruptcy, creditors are paid before shareholders.