Replies to post #36661 on Old Copper Co. Inc. (f/k/a CPPRQ/JCPNQ JC Penney)

[Emptyhead]

The sale practice under section 363 of the Bankruptcy Code has con- tinuously changed from that which was originally contemplated by its drafters, the bankruptcy courts, and even the lawyers practicing bankrupt- cy law when section 363 was enacted. If section 363 of the Bankruptcy Code is read literally, it contemplates only a notice of a sale outside the ordinary course of business and an opportunity for parties to be heard. There is nothing in the Bankruptcy Code requiring bidding (there is no mention of higher and better offers), stalking horses, or sale procedures orders; nor does section 363 specifically deal with such issues as environ- mental liabilities, toxic torts or successor liability in a sale context