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Court Stays "Free and Clear of Liens" Provision in Sale of Revel AC's Assets

Monday, 16 February 2015 01:39
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ACR Energy Partners, LLC and American Cut AC Marc Forgione, LLC, et al. challenge the Bankruptcy Court's Jan. 8, 2015 Order approving the sale and purchase of the assets of Revel AC, Inc., et al., free and clear of liens, claims, and encumbrances pursuant to 11 U.S.C. Sec. 363(f), on the basis that the Sale Order improperly dispossessed Appellants of their possessory leasehold interests under 11 U.S.C. Sec. 365(h), and approved a sale free and clear without adequately protecting the Appellants' interests under 11 U.S.C. Sections 363(e), and in the absence of any bona fide dispute under 11 U.S.C. Sec. 365(f)(4).

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