radarlove said:I know you're just yanking my chain, but if I remember correctly, a section 363 sale simply has to do with selling assets outside of the "normal course of business". If you are planning on doing this while in bankruptcy, you must file a petition and have a hearing.
I guess if you arrange to sell all assets and all of the creditors agree, that would be very similar to a Ch.7 liquidation. But we're talking Flyi here--where is the section 363 filing for Flyi that turns this into a liquidation, as lowcur was referring?
Here's the difference: in a Ch. 7 "liquidation", a guy (trustee) makes all of the decisions for selling off assets. Under Chapter 11, every time an asset is sold, not in the normal course of business, there must be a hearing and agreement (or not, judge decides) from the creditors. Flyi is not in a "liquidation" and Ch. 11 363 sales are not "liquidations" as the term is used.
Actually, I yank some things but never one's chain.
I was curious if a liquidation can be accomplished in chapter 11 or at least outside of chapter 7. I understand that the asset sale in the normal course of business is not termed a liquidation, but at some point it appears to be the functional equivalent.
And per an earlier post concerning semantics. You were not arguing semantics with a pilot; the individual I referenced is a practicing bankruptcy attorney. And while he may be a pilot as well, he didn't utilize the terminology "chapter 11 liquidation" while representing himself as an aviator. I for one have no idea if a corporation can liquidate all of its assets while in chapter 11 and if so, if it would constitute a "chapter 11 liquidation".
Thanks for the info.