It ranks as one of Australia's worst floats, with more than $500 million in shareholder value destroyed in less than three years, but there's a bitter battle raging over the future of online surf and skate wear retailer SurfStitch.

Directors, creditors and shareholders are split over two competing rescue plans – one backed by Alceon, a private equity firm founded by former Babcock & Brown partners Trevor Loewensohn and Phil Green, and one proposed by independent SurfStitch non-executive director, former forensic accountant Abigail Cheadle.