Overview
Overview
Going, going, gone. Most people might associate those words with fine art, not bankruptcy. But in In re 388 Route 22 Readington Holdings, LLC, the question arose: is value reflected by an active, non-collusive auction, while not dispositive, strong evidence of fair value under section 363(b) of the Bankruptcy Code?
As cross-border restructurings proliferate, especially in the wake of the global COVID-19 pandemic, companies with global assets and operations may utilize chapter 15 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) to facilitate cooperation between U.S. and foreign bankruptcy courts and protect assets located in the U.S. One doctrine central to relief under chapter 15 is the principle of comity, which refers to the recognition one nation’s legal system accords to another nation’s judicial proceedings. In chapter 15 proceedings, U.S.
The Executive Summary provided a short version of the facts. The next few paragraphs provide a longer version, or you can skip to the next section.
Executive Summary
Executive Summary
A recent decision has got the funding community talking and would, if times were different, have led to some water cooler moments. The decision is a mere 19 paragraphs long and, as will become evident, is perhaps as important for what it did not say as for what it did say.