Question
From:
(Redacted)
Sent:
Tuesday, July 14, 2009 6:12 PM
To:
Verne, B. Michael
Subject: Bankruptcy/Waiting period
Mike,
We represent apotential acquirer ("Client"), which is interested in Company X.Company X may file a bankruptcy proceedings soon. If Client and Company X reacha deal and make appropriate filings under the HSR Act, and Company Xsubsequently files for bankruptcy protection before the end of the originalwaiting period, what is the effect of section 363(b ),the shortened 15-daywaiting period. Assume that Company X filed for bankruptcy 5 days into theoriginal waiting period. Would the 15-day shortened waiting period be tacked onto the number of days already run, such that 5 plus 15 =20 day waiting period,or would the 15-day period apply from the original date of filing such that thewaiting period would be a total of 15 days.
I can't findanything in the regs or informal interpretations that directly addresses thisissue.