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Bankruptcy Auctions
Bankruptcy practitioners are all well aware that one of the key fundamental principles underlying any bankruptcy case is the maximization of estate value for the benefit of each of a debtor's creditor constituents. Debtors will often attempt to achieve such value maximization through a sale of its assets. But what happens to the sale process ' usually conducted pursuant to very strict, court approved bidding procedures and protections ' if another bidder rides its white horse into the limelight after the 11th hour expressing its willingness and ability to pay more for the assets? Unless and until this issue is resolved by the United States Supreme Court, the answer may very well depend upon which bankruptcy court is overseeing the sale process in question. This article highlights the tension courts face between recognizing the finality of a sale and reopening a sale process if potentially greater value for the creditors exists, and compares how bankruptcy courts in the Southern District of New York and in Delaware have addressed the issue.
The Auction Process
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
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The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
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Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.