On October 5, Infogrames (Atari's French parent) demanded that Atari remove five members of its board, appoint new members and name a chief restructuring officer. Today, Atari named four new board members and a CRO. But not all shareholders are pleased.

Atari has named four new board members: Wendell Adair, Eugene I. Davis, James B. Shein, and Bradley E. Scher. All four new board members have considerable experience with troubled companies and restructuring. Adair is a lawyer with experience at several reputable firms. Davis is the founder and chairman of the Pirinate Consulting Group that focuses on restructuring companies. Shein is a professor of Management and Strategy at the Kellogg School of Management at Northwestern University. Scher is a Managing Member of Ocean Ridge Capital Advisors.

Eugene Davis will serve as the non-executive Chairman of the Board. Adair, Davis and Shein will serve on the Board's Audit Committee, while Adair, Shein and Scher will serve on the Board's Compensation and Governance Committee. All four new members will serve on a committee that will review related party transactions (meaning, transactions with companies like Infogrames that share substantial ownership).

Curtis Solsvig III has been named Atari's Chief Restructuring Officer. He is a Managing Director at AlixPartners, a firm that has been hired by Atari to present and evaluate strategic options for the company.

All of Atari's appointments are strong candidates, but the choice of these candidates emphasizes that Atari's turnaround is likely to be rapid, merciless, and may leave a lot of the current Atari staff and structure bruised and battered.

It should also be noted that one major investor in Atari, Coghill Capital Management, filed with the SEC a statement expressing its concern over the abrupt manner in which Infogrames changed the composition of the board without consulting other shareholders. CCM demands that Atari immediately "put an end to the sweetheart agreements with Infogrames, and seek compensation from Infogrames and the Issuer's management for the serious damage they have caused both the Issuer and its public shareholders."