Bankrupt Tuesday Morning Rises After Judge Appoints Equity Group

Shares of Tuesday Morning Corp. rose Friday after U.S. Bankruptcy Judge Harlin Hale approved a request from shareholders to appoint an official equity committee in the retailer’s bankruptcy case.

• Committee will allow shareholders to participate in the bankruptcy sale process, according to court papers
• Motion granted given the “level of interest” in Tuesday Morning’s assets and “the quality of the offers that are being received”
  • There’s “substantial likelihood that equity will receive a meaningful distribution in these cases,”
• Tuesday Morning shares soared as much as 59.4% to 67 cents after the committee was approved
• U.S. Trustee will appoint equity committee ...