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Clear Channeling Lubben

posted by Bob Lawless

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.


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  • As a public service, the University of Illinois College of Law operates Bankr-L, an e-mail list on which bankruptcy professionals can exchange information. Bankr-L is administered by one of the Credit Slips bloggers, Professor Robert M. Lawless of the University of Illinois. Although Bankr-L is a free service, membership is limited only to persons with a professional connection to the bankruptcy field (e.g., lawyer, accountant, academic, judge). To request a subscription on Bankr-L, click here to visit the page for the list and then click on the link for "Subscribe." After completing the information there, please also send an e-mail to Professor Lawless ([email protected]) with a short description of your professional connection to bankruptcy. A link to a URL with a professional bio or other identifying information would be great.