could lead to lawsuits). Legal counsel also believed that Dynegy management would be forced refile resolution with shareholders and resolicit votes, which would delay a meeting until early 2011. During the shareholder meeting, management's fears proved accurate. On November 19, Dynegy was forced to recess its shareholder meeting in an attempt to garner more support for the Blackstone bid. (Dynegy was unable to adjourn the meeting because its bylaws did not clearly provide for adjournment to another date, and because it was unclear that adjournment could occur without a shareholder vote—a vote the board felt it would lose.) During the four-day recess, Dynegy executives said the company would continue to solicit a takeover even if the Blackstone Group bid failed. On November 23, 2010, Dynegy management and Blackstone agreed to call off the takeover after it became clear there was not enough support for the US$5.00 a share bid. On December 15, 2010, Icahn offered a US$5.50 a share cash bid for Dynegy. Dynegy's board asked for other bids, but none emerged. But Icahn, too, found little support among shareholders. He extended his offer by two weeks on January 25, 2011. That same day, Seneca Capital said it would not even entertain a US$6.00 a share bid. Dynegy's board urged shareholders to accept the Icahn bid, or risk bankruptcy. But by mid-February, even those investors willing to accept the Icahn bid had rescinded these offers. Icahn extended his offer by few days. The Icahn bid, too, collapsed. On February 20, 2011, Bruce Williamson resigned as Dynegy's chairman, and announced he would step down as chief executive officer on March 11. Chief financial officer Holli C. Nichols also said she would resign as chief financial officer on March 11 as well. Board member Thomas W. Elward was named interim chairman, and Robert C. Flexon was appointed interim president and chief executive officer. Harrison was elected to the board of directors. Also elected to the board were Vincent J. Intrieri, Senior Managing Director of Icahn Capital, and Samuel J. Merksamer, an investment analyst for Icahn Capital. 2012 bankruptcy The takeover bids all came after one of Dynegy's largest subsidiaries filed for bankruptcy. On November 7, 2011 Dynegy Holdings, the largest of Dynegy Inc.'s four subsidiaries, filed for Chapter 11 bankruptcy protection. The bankruptcy was a novel one. Dynegy had structured itself so that Dynegy Inc. (the holding company) had little debt. Nearly