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Fifth Annual ABI Asset Sale of the Year Award Information

Nomination Deadline: Friday, March 31, 2023

Criteria

  • Completion of a distressed sale (in or outside of court via § 363, a plan, an assignment for benefit of creditors, Article 9, receivership, etc.) that was strategic and provided stakeholders with value (“Sale”);
  • A display of excellence across the full spectrum of the Sale process, from the initial targeting through pursuit, structuring and financing, to completion of a transaction;

2021 Asset Sale of the Year Awarded to In re Lighthouse Resources, Inc.

On April 29, 2022, the ABI Asset Sales Committee announced that the 2021 Asset Sale of the Year was awarded to In re Lighthouse Resources, Inc., et al. (Bankr. D. Del. Consol. Case No. 20-bk-13056- JTD), for the sale of its Wyoming real property assets. The Asset Sales Committee received many nominations and selected a winner based on the following criteria (dollar amount not being a factor):

Changed Circumstances in § 363 Sales: What if the ‘Highest and Best’ Offer Suddenly … Isn’t?

What happens when intervening events or a change of circumstances occurs that affects the value of the assets and the benefit to the estate when selling them to one bidder over another? Three recent cases provide some insight into what bankruptcy courts consider when a trustee’s or debtor’s business judgment is called into question because the ground beneath the parties has shifted during the sale process.

Background: The Business-Judgment Standard for § 363 Asset Sales

Sales Under Subchapter V of Chapter 11: Case Law Review

In January 2021, we published an article exploring the legislative history and broad provisions of subchapter V of chapter 11 as they relate to asset sales.[1] In that article, we acknowledged that liquidation and going-concern sales are possible under subchapter V, but predicted that the majority of § 363 sales under subchapter V would be of discrete assets because subchapter V was designed to encourage traditional reorganization.

2021 Asset Sale Committee Co-Chair Column

We hope this report finds you and your family doing well. 2021 was another year of lockdowns and Zoom meetings, but also COVID-19 shots and slowly returning to the real world. Our committee leadership has strived to help its members navigate the ever-changing world of distressed sales via access to helpful content and the opportunity to engage in discussions on topics relevant to asset sales. Below are a few highlights of the committee’s activities over the past year.

Asset Sale of the Year Award

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