In re Philadelphia Newspapers, LLC, 2010 U.S. App. LEXIS 5805 (3d Cir. Mar. 22, 2010)

In re Philadelphia Newspapers, LLC, 2010 U.S. App. LEXIS 5805 (3d Cir. Mar. 22, 2010)

LexisNexis Overview: Because Chapter 11 debtors were proceeding to sell assets free and clear under 11 U.S.C.S. § 1129(b)(2)(A)(iii), secured lenders had no right to credit bid at the auction sale of the collateral; thus, the district court's reversal of the bankruptcy court's holding that the lenders had to be allowed to credit bid was affirmed.

Counsel: David F. Abernethy, Andrew J. Flame, Andrew C. Kassner, Alfred W. Putnam, Jr. (Argued), Drinker, Biddle & Reath, Philadelphia, PA, Counsel for Appellant/Cross Appellee Citizens Bank of Pennsylvania.

Alex Freeman, Fred S. Hodara, Abid Qureshi (Argued), Akin, Gump, Strauss, Hauer & Feld, New York, NY; L. Rachel Helyar, Akin, Gump, Strauss, Hauer & Feld, Los Angeles, CA, Counsel for Appellant / Cross Appellee Steering Group of Prepetition Secured Lenders.

Kerry A. Brennan, Rick B. Antonoff, Pillsbury, Winthrop, Shaw & Pittman, New York, NY; Elliot Ganz, Loan Syndications and Trading Association, New York, NY, Counsel for Amicus Loan Syndications and Trading Association in support of Appellants.

Jonathan N. Helfat, James M. Cretella, Otterbourg, Steindler, Houston & Rosen, New York, NY; Richard M. Kohn, Ronald Barliant, Goldberg Kohn, Ltd., Chicago, IL, Counsel for Amicus Commercial Finance Association in Support of Appellants.

Ann M. Aaronson, Lawrence G. McMichael (Argued), Dilworth Paxson, Philadelphia, PA, Counsel for Appellees Philadelphia Newspapers, LLC, et al.

Ronald S. Gellert, Brya M. Keilson, Gary M. Schildhorn, Eckert, Seamans, Cherin & Mellott, Philadelphia, PA; Ben H. Logan, III (Argued), O'Melveny & Myers, Los Angeles, CA, Counsel for Appellee / Cross Appellant Official Committee of Unsecured Creditors.

Judge: Before: AMBRO, SMITH and FISHER, Circuit Judges. SMITH, Circuit Judge, concurring. AMBRO, Circuit Judge, dissenting.

Opinion by: FISHER

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See also:

Emerging Issues Analysis:

James Lawniczak: A Secured Creditor's Absolute Legal Right to Credit Bid under 11 U.S.C. § 1129(b)(2)(A)

Paul H. Zumbro & Robert H. Trust: In re Philadelphia Newspapers, LLC, 2010 U.S. App. LEXIS 5805 (3d Cir. Mar. 22, 2010)

Podcast: LexisNexis® Bankruptcy Law Community Podcast featuring James Lawniczak of Calfee, Halter & Griswold on a secured creditor's absolute legal right to credit bid

 

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