Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
Recently, the ABI Commission to Study the Reform of Chapter 11 released its 2012-2014 Final Report and Recommendations. There, the Commission acknowledged “the fundamental role of credit bidding under state law and section 363(k)” and that “all credit bidding chills an auction process to some extent.” Final Report at 146-47. The Commissioners stated that they did “not believe that the chilling effect of credit bids alone should suffice as cause under section 363(k).” Id. The Commissioners implicitly rejected the contrary reading of “cause” tendered by the Third Circuit in In re Philadelphia Newspapers, LLC, 599 F.3d 298 (2010) and both cited and seemingly applied, to some degree, in In re Fisker Automotive Holdings, Inc., 510 B.R. 55 (Bankr. D.Del. 2014) and in In re The Free Lance-Star Publishing Co. of Fredericksburg, VA, 512 B.R. 798 (Bankr. E.D. Va. 2014).
Throughout the present discussion, we will refer to the reading of “cause” tendered in Philadelphia Newspapers and rejected by the ABI Commission as the “In and Of Itself” reading, for it would justify a finding of “cause” to limit credit bidding in a bankruptcy sale based on the chilling effect of credit bidding in and of itself.
We agree with the Commission's rejection of the In and Of Itself reading of “cause” in section 363(k). Below, we trace the outlines of arguments that: 1) the In and Of Itself reading of “cause” has no precedent prior to Philadelphia Newspapers and is scarcely supported there; and 2) application of the In and Of Itself reading is not justified on policy grounds, as is proposed by Philadelphia Newspapers.
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?