- 11 U.S.C.
In re Metaldyne Corp.
Jul
28
2009
Ruling
Original stalking horse bidder not entitled to protection after failure to comply with terms of asset purchase agreement.
Procedural posture
Two motions relating to the proposed sale, at a public auction pursuant to 11 U.S.C.S. § 363, of certain assets belonging to debtors-in-possession (DIPs) were filed. At issue was which of the two bidders was properly treated as the stalking horse bidder which would enjoy bidder protection. Motion 1 asked the court to construe particular documents and Motion 2 sought approval of bid procedures.
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Court
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