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Clear Channel Has Turned World Upside Down

Law360 (October 29, 2008, 12:00 AM EDT) -- Clear Channel Outdoor Inc. v. Knupfer et al. (In re PW, LLC), 391 B.R. 25 (B.A.P. 9th Cir. 2008) has turned the world upside down. Like the British at Yorktown, bankruptcy practitioners now face a world different from what we were accustomed to.

Specifically, the manner in which we conducted asset sales under 11 U.S.C. § 363, with credit bidding by secured lenders, outside a plan of reorganization, is now different after PW LLC.

PW LLC’s facts are straight forward and the fact pattern itself is...
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