Wachtell, Lipton On The Second Circuit's Attempt To Cover Up Its Chrysler Tracks
Insightful memo out of Wachtell, Lipton discussing the Second Circuit's extensive opinion in its decision to flush the Chrysler sale in little to no time.
The Second Circuit’s decision serves as a reminder that flexibility is a hallmark of transactions under the Bankruptcy Code and that, for substantial bankruptcy sales, there is no “one-size-fits-all” rule to determine whether the sale may go forward under section 363 or must await a reorganization plan.
In other words, whatever happens, happens. Especially when Steve Rattner and the UAW are involved (luckily, we have much less the latter now).