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In re Bays (Case No. 11-72355) 04/15/2013

The trustee filed a motion to sell pursuant to section 363.  The court concluded that the circumstances presented, particularly the extremely precarious business and financial situation faced by the involved corporations and the likelihood of an early foreclosure sale of a majority of the substantial assets of several of the corporations, did constitute a sound business reason for their sale before a foreclosure sale took place.  The court approved the motion to sell but with detailed modifications.  The debtor had also filed a motion to abandon, but the court continued that to a further hearing date.

Date: 
Monday, April 15, 2013
Category: 
363 Sales
Abandonment
Chapter 11 Issues
Individual Chapter 11
Chapter: 
11