Greg Cross, the chair of Venable's Bankruptcy Group, was quoted in a February 18, 2010 story on the recent surge of bankruptcy cases that have also given rise to appeals of interest to the legal community. These cases, which were mostly generated from the flood of bankruptcy filings prompted by the poor economy, are reviving dormant questions that will significantly affect future consumer and business bankruptcies.
The article outlined appeal cases that are being closely watched, including a Clear Channel Outdoor Inc. v. Knupfer ruling on which Cross was quoted. According to the article, the ruling held that some aspects of a sale order may be appealed and undone, even when the sale has not been stayed. The Clear Channel court affirmed the Bankruptcy Code provision that protects good-faith deals from being reversed by a court, which makes appeals moot, but declared the sale in question not free and clear of liens.
"There's uncertainty about how other courts will apply that," said Cross.