September 29, 2020 Receive this Newsletter   Credit Bidding and the 363 Sale: Is Chilled Bidding Cause for Limited Credit Bidding in the Post-In Re Aéropostale Era? Credit bidding allows a secured creditor to bid its own collateral at a section 363 sale and offset the purchase price by using the amount of its claim. However, the court has the right to limit credit bidding “for cause” - a term undefined by the Bankruptcy Code. The argument that a credit bid could “chill” other auction bidding didn’t constitute “cause” in In Re Aéropostale. “Limiting Credit Bidding in Section 363 Bankruptcy Sales Post-In Re Aéropostale, Inc.” by Luke Smith when he was a 3L (and who is now with Kirkland & Ellis) explains the likelihood of limiting credit bidding by citing “chilled” and “frozen” bidding.   Free Webinar: Buying, Selling & Working Out Distressed Assets in a Post-Pandemic Environment. 10 am CT on 10/14 Hosted by Professor Ronald M. Shapiro, Assistant Professor of Professional Practice at Rutgers Business School, this webinar will assist real estate owners, lenders, mortgage brokers, and other market participants navigate and negotiate distressed transactions. Learn more or register here.   How to Save (or Buy) a Financially Distressed Business This four-hour on-demand webinar (register once and watch in parts, at your leisure, as many times as you like) is the perfect starting point for anyone whose business is struggling or who wants to buy one. Co-produced by 11 leading organizations and with 16 panelists, this webinar uses improvisational acted-out vignettes in a way that keeps the audience engaged, even entertained, as they learn. Learn more or register here.   The Highest Bidder is Not Always the Winner In a sale for Northwest Company’s assets, Ashford held the highest bid by $2.3 million. So, why did the Debtor name Cathay Home, Inc. as the Successful Bidder despite its lower bid? Sometimes, a lower bid isn’t an inferior bid. Sometimes it’s also a matter of baggage that comes with the bidder. Find out why the Debtor made its unusual decision in “The Northwest Company LLC – Court Rejects Debtors’ Choice of Successful Bidder, Names Formerly Back-Up Bidder Ashford as Auction Winner” reprinted with permission from Bankruptcydata.com.   Free Notifications of Every New Chapter 11 Filing Too good to be true? Learn more here.   Provide Public Notice for Your Sale What do public sales under the Bankruptcy Code, Article 9 of the UCC, by receivers, or by assignees have in common? They all need public notice. Latest Deals Added to the Opportunistic Deal Database The deals listed here were added to the ODD throughout the seven day period ending this past Sunday. The number in parentheses next to each deal is its unique ID number, included so our paid subscribers can easily find these deals on our website. Secured Party Sales Tree care & landscaping contractor - (25217) 64 acres & 9 lots for development - (25220) Real estate (w/oil & gas) - (25218) Five real properties - (25219) Cannabis dispensary - (25164) Private Company Sales Machine welding & fabrication shop - (25204) Ethanol THC Manufacturer (w/Land) - (25205) Bread & bakery products producer - (25206) Gas station land development - (25207) Sports business - (25203) Assignment for the Benefit of Creditors Sales Jewelry & retail services business - (25226) Perfume & fragrance retailer - (25227) Financial holdings company - (25229) Lighting systems - (25228) Chapter 11 - 363 Sales 80 year-old automotive interior business - (25150) Intellectual property & film assets - (25157) Undeveloped real estate - 10 acres - (25154) Wooded property - 26 acres - (25151) Behavioral health esop - (25161) Oil & gas interests - (25159) Chapter 11 - Investment Banker Application Filed Holding company - multiple eCommerce brands - (25169) Frac sand provider - (25168) Chapter 11 - Case Filing Indicates Future Asset Sale Developer of automotive turbochargers - (25174) Investment services company - (25171) Data storage dealer - (25172) Mushroom grower - (25173) Organic brewery - (25170) Chapter 7 - Sale of Business Assets Trucking & concrete company (w/equipment) - (25149) Material handling business - (25146) Land development company - (25142) Brewery (w/inventory) - (25141) Farming equipment - (25145) Chapter 12 Bankruptcy Farming equipment - Multiple lots - (25180) Farmland - 310 acres - (25175) Farm (w/real estate) - (25178) Rating Agency Alerts/Other Signs of Distress International connectivity & media content provider - (25210) Real estate investment trust (REIT) - luxury hotels - (25208) Electric vehicle company - (25209) Medical device company - (25211) Auctions Vintage collector motorcycle & automotive auction - (25239) Staging equipment - Multiple lots - (25237) Industrial lifts - Multiple lots - (25240) Late model fertilizer factory - (25235) Beer brewing facility - (25238) Other Interesting Sales Conventional, operated gas fields - 85,000 net acres - (25213) Operated oil weighted properties - 40,000 gr. acres - (25216) Operating energy properties - 11,707 acre position - (25214) Mineral & royalty interests - five-well package - (25212) Bulk Sales RV & trailer rental company - (25221) Commercial beverage license - (25222) Franchised restaurant - (25224) Real estate agency - (25225) Retail market - (25223) Receiverships Retail building - 172,029 sq. ft. - (25231) Office building - 9,300 sq. ft. - (25230) Apartment building - 39 units - (25234) Apartment building developer - (25232) Metal recycling company - (25233) Mass/Significant Layoffs Commercial airplane producer - (25188) Primary metals manufacturer - (25187) Passenger railroad company - (25184) Online gaming company - (25185) Travel retailer - (25186) Plant/Facility Closings Hotel & travel reservation business - (25197) Chain of pain treatment centers - (25198) Food product & juicing company - (25200) Luxury department store chain - (25199) Newsprint mill - (25201) View All Deals on DailyDac.com   DailyDAC, LLC 1954 First Street, Suite 178 Highland Park, IL 60035 847-463-9530 [email protected]