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The Third Circuit recently dismissed an appeal from "the sale of legal claims" as "statutorily moot" under Bankruptcy Code § 363(m) because the appellants "had not obtained a stay" of the effectiveness of the sale order pending appeal. Here's why this ruling is so important.
The U.S. Court of Appeals for the Third Circuit recently dismissed an appeal from “the sale of legal claims” as “statutorily moot” under Bankruptcy Code (“Code”) § 363(m) because the appellants “had not obtained a stay” of the effectiveness of the sale order pending appeal. In re Pursuit Capital Mgmt., LLC, 2017 U.S. App. Lexis 20889 (3d Cir. Oct. 24, 2017). According to the court, “we cannot give [the appellants] the remedy they seek without affecting the validity of the sale.” Id. at *37.
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