Picadilly's Effects On Asset Sales

Law360, New York (September 26, 2008, 12:00 AM EDT) -- A recent decision of the United States Supreme Court will likely cause companies that file for bankruptcy to rethink their efforts to sell substantial assets early on in their bankruptcy cases.

Often, a bankrupt company will look to sell assets quickly because its failure to do so will result in a significant decline in the value of its assets (see, for example, the recent bankruptcy filing of Lehman Brothers Holdings Inc.). Other times, a quick infusion of cash is needed in order to buy enough time...
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