We were getting some pressure from the creditors committee in our bankruptcy case.

Neither the creditor committee to which the offer was sent nor the company has responded.

A lawyer for the creditors committee at Continental had no comment on the news report.

At a meeting last week the unsecured creditors committee decided to ask the court to allow only $50 million.

Further, the creditors committee obviously wants the richest acquisition offer available.

Look, do I think the creditors committee has been dysfunctional?

Not a penny of our fees can be taken until we have approval from the creditors committee.

"The creditors committee is not going to accept this deal," said a person close to the situation, who spoke on the condition of anonymity.

Further, the creditors committee may want to gamble on the future value of the Saks stock.

The motives of the creditors committee are clear enough.