---
title: "It's Time to Bury Clear Channel (And Certainly Not to Praise It)"
date: 2009-10-16T00:00:00-04:00
author: Import Bot
canonical_url: "https://www.kelleydrye.com/viewpoints/articles/its-time-to-bury-clear-channel-and-certainly-not-to-praise-it"
section: Articles
---
# It’s Time to Bury Clear Channel (And Certainly Not to Praise It)

  October 16, 2009

Andrews Bankruptcy Litigation Reporter

 

 

 

 

 

 

The article examined the decision in a recent highly publicized bankruptcy sale case: *Clear Channel Outdoor Inc. v. Knupfer (In re PW LLC)*. In *Clear Channel*, the Ninth Circuit Bankruptcy Appellate Panel failed to protect a good-faith purchaser of assets under Section 363 of the Bankruptcy Code. The article explores how the decision in *Clear Channel* would diminish the ​“efficacy of one of the key remaining devices for realizing value from distressed enterprises.” It contends that the *Clear Channel* case was wrongly decided, and predicts that it is well on its way to joining two other infamous exemplars of inexplicable commercial law decision making - *Twist Cap v. Southeast Bank*, and *Octagon Gas Sys. v. Rimmer*. In *Twist Cap*, a bankruptcy court restrained a third-party draw on a letter of credit; in *Octagon Gas*, an appeals court ruled that accounts sold by a debtor prior to its bankruptcy were still property of the debtor’s bankruptcy estate. The article argues that the rulings in all three cases ​“ran counter to nearly universally understood law and practice”.

 

 

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