Philadelphia Newspapers: Consideration Of Fairness?

Law360, New York (May 10, 2010, 12:58 PM EDT) -- The monumental decision handed down by the Third Circuit Court of Appeals on March 22, 2010, in the Philadelphia Newspapers[1] case has been the subject of much commentary. The Third Circuit ruled in this decision that, under the Bankruptcy Code, § 1129(b)(2)(A), there is no right for a secured creditor to credit bid. Looking at the dissenting opinion and the Supreme Court’s decision in 203 North LaSalle,[2] which considered the fundamental fairness that should be considered in a bankruptcy sale, was Philadelphia Newspapers correctly decided? Did...
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