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Bill - interesting article,
Bill - interesting article, as always. My view is that the right strategy in this situation is to seek an expedited determination of secured status under section 506 and Rule 3012. If the junior lien is clearly out of the money and the senior lien supports the sale (as was the case here), I think that there's a good argument to support Judge Bentley's view of section 363(f) - a foreclosure/UCC sale is a real possibility to facilitate the free/clear transfer under state law. Alternatively, a judge could determine, under section 506(d), that section 363(f) is not applicable because "to the extent that a lien secures a claim against the debtor that is not an allowed secured claim, such lien is void...."