GM Update

Another appeal has been filed, while the District Court has denied the ad hoc committee's request for a stay pending appeal.  All signs point to a quick closing either late today or early tomorrow.  Then we can expect the debtors to move to dismiss the appeals on the basis of §363(m) and mootness.  I expect the appellants to counter that the sale can proceed without §363(f) protection, but I remain doubtful that an appellate court could change such an important "deal term" after the sale has closed.