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To: Roman Gelsi who wrote (3236)5/20/2013 11:24:03 AM
From: Billy Bilgewasser1 Recommendation  Read Replies (2) | Respond to of 3620
 
Thanks for these links. I found these two quotes from the first link particularly meaningful:

"A strong showing must be made in order to justify the sale of substantially all of the debtor's assets prior to confirmation of a plan of reorganization. Such a sale occurs without the disclosure, solicitation, voting, and confirmation process connected with confirmation of a plan of reorganization. The appeasement of major creditors is not a sufficient justification for the sale of substantially all assets of the estate outside of a plan of reorganization."

"Several courts have identified the following four requirements must exist in order to satisfy the "sound business purpose" test: (1) sound business reason; (2) accurate and reasonable notice; (3) adequate price; and (4) good faith."

We'll see what Judge Isgur thinks soon.