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.
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