Reply #22: Seems Routine to Me

[OldBlueDem]

The Pension Fund has a legitimate argument (I think the TARP funds argument that it is making is not a good argument--at least it is not ripe and the Pension Fund is probably not the property party in interest to make it). However, section 363 sales happen all the time and secured lenders are often forced to take an involuntary haircut.

Justice Ginsberg handles emergency matters coming out of the 2nd Circuit and I think the stay is just routine. The appeal was argued this past Friday, the 2nd Circuit ruled that day and issued its own stay until the following Monday afternoon. The Supreme Court does not usually work on such an expedited schedule, and my guess is that Justice Ginsberg issued the stay to allow all of the justices to review the matter and then see if there are a sufficient number of votes in favor of granting cert. I doubt there are four votes there, but who knows. I would bet that the stay will be lifted on Friday, allowing the deal to close by the Monday deadline.