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Bankruptcy Litigation

Advertising Section 363 Sales in the Digital Age

this article provides an overview of the legal landscape governing §363 sales and the types of Internet-based resources available to potential asset sellers.

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One objective of the §363 sale process is to maximize the sale proceeds payable to creditors of the bankruptcy estate. The trick is finding the buyer willing to pay the highest price. Casting a wide net to haul in the high bidder would seem to make sense in most circumstances. The best case scenario is a large pool of competitive bidders driving up the price. Yet, in many cases, little or no real effort is made to advertise the sale. Marketing is limited to sending notice to parties who already appeared in the bankruptcy case, or publication in the legal notices section of a local newspaper, where the odds of being seen by an interested bidder are low to zero.

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