In ASM Capital LP v. Ames Dept. Stores Inc. (In re Ames Dept. Stores Inc.), No. 07-1362, 2009 WL 2972510 (2d Cir. Sept.
Committees
“Who doesn’t love a good sale” are the introductory words used in A Comparison Shopping Guide for 363 Sales, written by Kelly K. Frazier and published this summer by ABI. But, how does a lawyer conduct a business asset sale pursuant to 11 U.S.C. §363? Or better yet, how does a lawyer advise the debtor-in-possession, potential purchaser or secured lender?
Reaffirmation agreements are appearing more frequently on courts' dockets because of changes implemented by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).
A recent decision of the Bankruptcy Court for the District of Delaware (court) halted a proposed §363 sale, and this decision could significantly impact future bankruptcy sales of retail businesses holding inventory on consignment. In re Whitehall Jewelers Holdings Inc., 2008 WL 2951974 (Bankr. D. Del. July 28, 2008).
![Photo of Philip J. Landau [1]](https://abi-org-corp.s3.amazonaws.com/committee/Authors/ABI_LOGO_62.jpg){kind=logo}
Two commonly misunderstood remedies in the young bankruptcy practitioner's tool box are the defenses of setoff and recoupment. Section 553 of the Bankruptcy Code preserves the nonbankruptcy right of a "creditor to offset a mutual debt owing by such creditor to the debtor that arose before the commencement of the case...." 11 U.S.C. §553(a).
The enactment of 11 U.S.C. §503(b)(9) as part of BAPCPA was widely lauded as providing a great benefit to trade creditors. Under §503(b)(9), a creditor shall be allowed an administrative expense for “the value of any goods received by the debtor within 20 days before the date of the commencement of a case under [Title 11 of the U.S.
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