Clear Channeling Lubben

Seton Hall law professor and Credit Slips guest blogger Stephen Lubben wrote and asked me if we were going to say anything about the opinion of the Ninth Circuit Bankruptcy Appellate Panel in Clear Channel Outdoor, Inc. v. Knupfer (In re PW, LLC), No. 07-1176 (Bankr. 9th Cir. July 18, 2008) and available here. The answer to any such inquiry is "I don't know -- depends on our time and what strikes our interest." (By the way, if you have noticed the light posting over the past week and a half, the regular bloggers here have been pretty busy.)

To discourage any future inquiries along these lines, I asked Professor Lubben if he wanted to write up something for Credit Slips on this case. Furthering our good fortune, he readily agreed. In all seriousness, we are lucky to have such a careful observer of the corporate reorganization scene to comment on this important decision, dealing with the ability to submit a credit bid in a sale of assets in a bankruptcy case (For the nonlawyers, a "credit bid" is when a creditor bids the amount of its debt instead of cash.) Because asset sales play a central role in the chapter 11 process, the Clear Channel opinion will be widely discussed. Look for Professor Lubben's post in the next few days.