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The Newspaper Notice
Maybe you represent a secured lender. You are to assist your client in its exercise of rights under Uniform Commercial Code (UCC) ' 9-610 to sell its collateral after it has foreclosed. Perhaps you represent a Chapter 11 debtor selling its assets under ' 363, or maybe you are a federal equity receiver, an assignee for the benefit of creditors, or maybe a state court receiver who is selling a company's assets pursuant to state law.
Regardless of the hat you wear, you have business assets or maybe even an entire going concern to sell. How will you fulfill your duty to market the sale in a commercially reasonable manner, to obtain the highest price you reasonably can?
You knee-jerk to the newspaper ad. After all, it is common practice to advertise public sales in a general circulation newspaper once a week for several weeks leading up to the auction date. This will constitute commercially reasonable notice and is likely to help achieve robust bidding, correct?
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