Asset Sales Committee


Post date: Wednesday, February 02, 2022

We hope this report finds you and your family doing well. 2021 was another year of lockdowns and Zoom meetings, but also COVID-19 shots and slowly returning to the real world. Our committee leadership has strived to help its members navigate the ever-changing world of distressed sales via access to helpful content and the opportunity to engage in discussions on topics relevant to asset sales.

Post date: Tuesday, January 18, 2022

The Asset Sales Committee is actively soliciting nominations for the Fourth Annual ABI Asset Sales Committee Sale of the Year Award. Details are set forth below. Please submit your best deal.

Nomination Deadline

Friday, March 18, 2022

Post date: Monday, August 30, 2021

One of the primary purposes of chapter 11 is to maximize the value of a debtor’s assets.

Post date: Monday, August 30, 2021

ABI’s Asset Sales Committee announced that In re Verity Health System of California Inc., Case No. 2:18-bk-20151-ER (C.D. Cal.), won the committee’s third annual “Asset Sale of the Year” award.

Post date: Tuesday, May 11, 2021

Two recent district court decisions, each involving appeals of a bankruptcy sale order where the appellant(s) failed to obtain a stay pending appeal, provide insight into statutory mootness under § 363(m) of the Bankruptcy Code. In both In re HDR Holdings Inc.[1] and Barnes v.

Post date: Tuesday, May 11, 2021

More U.S. companies filed bankruptcies with liabilities exceeding $1 billion in 2020 than in any year since 2009.[1] Bankruptcy courts are often left with difficult decisions in these complex bankruptcies, including whether to approve the winning bid in an asset sale under § 363.

Post date: Tuesday, May 11, 2021
Photo of Matthew J. LoCascio
Matthew J. LoCascio

“Stalking horse” is a term that instills hope in the minds of creditors and debtors while striking fear in the hearts of other bidders. When running a § 363 sale process, identifying a stalking-horse bidder (the bidder that submits the highest and best initial bid) lays the groundwork for the rest of the proceedings.

Post date: Wednesday, March 17, 2021

Recent allegations of impropriety of bidders in the reorganization of Neiman Marcus Group Ltd. LLC should serve as a reminder to study the line between mere auction strategy and collusive bidding. The word “collusion” itself seems to cause confusion whenever it is uttered in the political or legal realms.

Post date: Tuesday, March 16, 2021

One of the hallmarks of purchasing assets from a bankruptcy estate under § 363 of the Bankruptcy Code is the perceived ability of a buyer to purchase those assets “free and clear of any interest in such property” if certain conditions are met.[1] A common phrasing in many motions seeking to sell assets under § 363 is that the assets ar

Post date: Tuesday, March 16, 2021

ABI’s Asset Sales and Ethics and Professional Compensation Committees sponsored a great webinar on Feb.


Fri, 2016-04-15

Labor Issues in 363 Sales: Things You Need to Know

Wed, 2016-03-30

The Unsecured Trade Creditors' Committee's call discussed “gifting” and other recent developments regarding application of the absolute priority rule. In In re ICL Holding, the Third Circuit Court of Appeals recently held that “gifting” is permissible in section 363 sales. Conversely, in prior opinions, both the Second and Third Circuits have held that “gifting” is not permissible in the context of a chapter 11 plan.

Thu, 2016-03-10

The Asset Sales Committee hosted a conference call discussing the GM successor liability decision now on appeal in the Second Circuit. John Hutton (Greenberg Traurig LLP; Miami) and Henry Jaffe (Pepper Hamilton LLP; Wilmington) led a conference call discussing the issues raised and being briefed before the Second Circuit in the GM successor liability appeal.

Tue, 2015-09-08

The Asset Sales Committee will host John Hutton and Henry Jaffe as they discuss the GM successor liability decision, now on appeal in the Second Circuit, describing the arguments and positions taken by different parties on key issues in the case and discussing the potential impact of the ruling on appeal.

Fri, 2015-04-17

Don’t Restrict My Sale: The Enforceability of Restrictive Covenants and Easements in Assets Sales in Bankruptcy

Wed, 2014-11-12

The Asset Sales Committee hosted their most recent committee call on Wednesday, November 12. This call was titled "Bankruptcy Reform Commission’s Consideration of a Proposal to Surcharge Secured Lenders for 363 Asset Sales" and worked to more broadly inform and engage bankruptcy and restructuring professionals about the proposal being considered by the Bankruptcy Reform Commission to assess a charge on secured lenders for 363 asset sales in Chapter 11. Ms. Kathryn A. Coleman of Hughes Hubbard & Reed LLP and Mr. Gregory A.

Thu, 2014-10-02

The October 2nd conference call for ABI's Asset Sales Committee provided a brief overview of the Fisker Automotive opinions, as well as their progeny, including Free-Lance Star. The discussion also explored the practical implications of those decisions for practitioners representing different constituents in a restructuring. The call was led by Oscar N. Pinkas of Dentons US LLP in New York, and Justin F. Paget of Hunton & Williams LLP in Richmond, Virginia.


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Mr. Matthew J. LoCascio
SC&H Capital
Ellicott City, MD
(443) 951-4846

Ms. Randye B. Soref
Los Angeles, CA
(310) 556-1801

Mr. Steven L. Victor
Communications Manager
Development Specialists, Inc.
Chicago, IL
(312) 263-4141

Ms. Jane Kim
Education Director
Keller Benvenutti Kim LLP
San Francisco, CA
(415) 364-6793

Mr. Christopher M. Candon
Membership Relations Director
Sheehan Phinney
Manchester, NH
(603) 627-8168

Mr. William Hao
Special Projects Leader
Alston & Bird LLP
New York, NY
(212) 210-9417

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