January 16, 2013
- 51 Bankruptcy
- 51IX Administration
- 51IX(B) Possession, Use, Sale, or Lease of Assets
- 51k3067 Sale or Assignment of Property
- 51k3069 k. Time for sale; emergency and sale outside course of business.
Sale of estate assets should be approved where court is faced with situation of so-called “melting ice cube”: a sale that would prevent further, unnecessary losses, the failure of other potential buyers to appear despite well-publicized efforts, and the only alternative being an immediate liquidation that would yield far less for the estate and creditors.
In re Lehman Bros. Holdings Inc., 445 B.R. 143 (Bankr. S.D.N.Y. 2011)
Suggested by Barbara Bozonie, Principal Attorney-Editor, Westlaw