But the car company's current stockholders are grumbling.

Times Mirror approved a new stock structure to help insure that the Chandler family and other current stockholders keep control of the media company.

Rorer added that the current stockholders would keep 32 percent of its stock.

It is expected that current stockholders will get nothing, which was what the airline had said for the last year.

But it has raised money mostly through an unusual financing method that relies on current stockholders.

Sotheby's said it would not receive any proceeds from the sale since all the shares are being sold by current stockholders.

If all current stockholders exercise their warrants, the stock held by the creditors would be diluted to 90 percent of the total.

Under the plan, existing equity would be canceled and current stockholders would get nothing.

Lin's current stockholders would become owners of the new company through their present stock ownership.

Mr. Ross said other investors had arranged to buy any new shares that current stockholders did not want.