One of my favorite quotes out of the filings.
"iii. The Proposed Sale Is For A Fair Price And Maximizes Value For All
Stakeholders
46. Even though the entire fairness standard does not apply, the Proposed Sale meets the standard. The Debtors have a duty to maximize the value of the estates. Signature Apparel Grp. LLC v. Laurita (In re Signature Apparel Grp. LLC), 577 B.R. 54, 98 (Bankr. S.D.N.Y.
2017) (Grossman, J.); see also In re Glob. Crossing Ltd., 295 B.R. 726, 744 n.58 (Bankr. S.D.N.Y. 2003) (Gerber, J.) (“It is a well-established principle of bankruptcy law that the objective of bankruptcy rules and the [Debtor’s] duty with respect to such sales is to obtain the highest price or greatest overall benefit possible for the estate.”) (internal citations omitted).
Here, as discussed supra, execution of this duty is subject to the Debtors’ business judgment. In re Glob. Crossing, 295 B.R. at 744 n.58.
47. The Debtors fulfilled their duty when they chose the ESL bid. ESL’s offer
provides more value to the estate than any other option, while at the same time saving 45,000 jobs and being supported by the Debtors’ largest creditors. Hr’g Tr. 22:5-11 (Jan. 14, 2019); Kamlani Decl. ¶
13. As the Debtors’ own models show, in a liquidation scenario creditors would
receive only $3.56 billion, whereas ESL’s Bid provides $5.2 billion in value to the estates, including $4 billion in creditor recoveries. Weaver Decl., Ex. 13 (Wind Down Recoveries Presentation (Jan. 14, 2019))."