In re Jolan Inc.

Ruling: 
Approval of proposed sale of assets for less than value of liens denied in favor of auction.
Procedural posture: 
After debtor, a company operating a bar and restaurant in leased space, filed a chapter 7 case, the trustee moved for orders permitting the sale, free and clear of all liens, of debtor's personal property and trade name for a price that was less than the total of all liens. Citing 11 U.S.C.S. § 363, debtor, its principals, and some other parties objected to the motion on grounds including that such an order was improper under the Clear Channel rule.
Issue: 
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Commercial case opionion summary, case decided on April 30,2009, LexisNexis #0609-076