(a) Appraisal Filed With the Court Prior to Sale. Unless otherwise ordered by the court, when an appraiser has been appointed by the court, the appraisal of the property shall be filed no later than two days prior to any scheduled sale of the property. Property subject to an appraisal shall not be sold until after the appraisal has been filed with the clerk and served upon the United States trustee.
(b) Access and Confidentiality of Filed Appraisal. The appraisal shall be submitted in a sealed envelope marked "confidential - appraisal." The envelope shall also include the complete caption of the case/proceeding and identification of the property appraised. The clerk, the United States trustee and the appraiser shall maintain the confidentiality of the appraisal, unless otherwise directed by the court.
(c)
Sale Outside the Ordinary Course of Business in a Chapter 11 Case. In a
chapter 11 case, if the debtor or trustee seeks authority to sell property
of the estate pursuant to 11 U.S.C. 363(b) prior to the entry of an order
of confirmation, the notice of motion shall contain a clear and conspicuous
statement to that effect. In addition to the information required under
FRBP 2002(c), the notice of the hearing shall specify the extent to which,
if any, the proceeds of sale shall be used to benefit each class of creditors,
the extent of the debtor's liabilities and the estimated net value of any
of the remaining assets not subject to the proposed sale. The notice shall
further articulate the business justification for disposing of estate assets
outside the ordinary course of business before a disclosure statement has
been approved or a plan confirmed.
Comment
This rule requires
special notice of a proposed sale outside the ordinary course of business.
Since the proposed sale is outside the normal procedural route for proposal,
adoption and confirmation of a proposed plan, it requires special scrutiny
by the court. See Committee of Equity SecurityHolders
v. Lionel Corp. (In reLionel Corp.),
722 F.2d 1063 (2d Cir. 1983).