Mostly untrue. A bankruptcy judge has power over most bankruptcy related decisions; and can over-rule almost anything; provided his decision is based on law.
However; I think it is worth noting as both largest creditor and largest shareholder ESL will have powers rarely found in other bankruptcies. It's not so much being the largest shareholder; but rather being a shareholder having more than 50% of registered shares that gives him powers over CEOs; boards; and executives of other large companies. For example; even during bankruptcy; he can vote to remove every member from his board; thus impacting who gets to be recognized as key members overseeing a chapter 11. He probably has similar powers/voting rights in a chapter 7; but I doubt it would help to serve any special interest.
... But the judge has ultimate say over everything; and bankruptcies favor serving interests of creditors over interests of shareholders.