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IN RE FINANCIAL NEWS NETWORK INC.

No. 1546, Docket 92-5011.

980 F.2d 165 (1992)

In re FINANCIAL NEWS NETWORK INC., Debtor. CONSUMER NEWS AND BUSINESS CHANNEL PARTNERSHIP, Appellant, v. FINANCIAL NEWS NETWORK INC.; Official Committee of Unsecured Creditors of Financial News Network, Incorporated; Security Pacific National Bank, Appellee.

United States Court of Appeals, Second Circuit.

Decided November 25, 1992.

Attorney(s) appearing for the Case

Richard Cotton, New York City (Ellen Miller-Wachtel, Maria Barton, National Broadcasting Co., Inc., Bruce R. Zirinsky, Steven Alan Reiss, Deborah Deitsch-Perez, Banks Tarver, Roger F. Assad, Weil, Gotshal & Manges, of counsel), for appellant CNBC, Inc.

Robert B. Krakow, New York City, Ronald S. Orr, Gibson, Dunn & Crutcher, for Financial News Network Inc.; Geoffrey M. Kalmus, Kenneth H. Eckstein, Kramer, Levin, Nessen, Kamin & Frankel, for Official Committee of Unsecured Creditors of Financial News Network Inc. (of counsel), for appellees.

Before: FEINBERG and CARDAMONE, Circuit Judges, and LARIMER, District Judge.

CARDAMONE, Circuit Judge:

This appeal concerns the difficult balancing act a bankruptcy court must perform when it conducts an auction of a debtor's assets. It walks a tightrope between, on the one hand, providing for an orderly bidding process, recognizing the danger that absent such a fixed and fair process bidders may decline to participate in the auction; and, on the other hand, retaining the liberty to respond to differing circumstances so as to obtain the greatest...

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