Britain’s Railtrack is taking legal action against HSBC bank to recover £350 million sterling in frozen assets.
The company will take its case to the High Court in London following the bank's decision to freeze the assets when administrators were appointed at the weekend.
If the legal action is successful, the money could be used to pay shareholders.
Railtrack believes the £350 million has been illegally impounded because it says the cash comes under the umbrella of Railtrack Group, which is separate from the collapsed Railtrack, which was put under administration on Sunday.
The move offers some hope for shareholders whose stakes in the company are likely to be almost worthless.
The chairman of Railtrack last night turned down a British government offer to head the new not-for-profit organisation set to take over from the rail infrastructure firm, throwing the industry into further turmoil.
Mr John Robinson said that under the circumstances created by the British government's treatment of Railtrack shareholders, he was unable to accept the offer.
His decision followed the resignation of Railtrack chief executive Mr Steve Marshall who attacked the British government's "shoddy" treatment of the firm.
Mr Robinson, who was appointed Railtrack chairman in June, said the role would create a conflict of interest with his duty to achieve maximum value for shareholders.
Railtrack's shares - which at their high point reached £17.18 in November 1998 - have been suspended at 280p, but shareholders are likely to receive far less, if anything at all, when the group is reconstructed.
PA