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Trying to get something back.

San Jose Mercury News (San Jose, CA)

| January 12, 2006 | COPYRIGHT 2007 San Jose Mercury News. (Hide copyright information)Copyright

Byline: Matthai Chakko Kuruvila

Jan. 12--Alan Ku kept buying Calpine stock months after bankruptcy rumors began in March. The former employee kept buying even until Nov. 28, the eve of the energy giant's tumble on the news that board members had fired its top two executives. Phil Safran, 50, a corporate accountant, writes financial reports for corporations. Even though he couldn't decipher Calpine's reports, he, too, kept the faith and lost $15,000. Now, Ku, Safran and about 100 other individual shareholders have formed an alliance in the aftermath of the company's Dec. 20 bankruptcy filing. They're hoping the same never-say-die attitude that prompted them to hold on to the falling stock will help them emerge from Calpine's reorganization with at least a fraction of their money back. They represent a combined 2 percent of the company's …

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