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IN RE PW, LLC

BAP No. CC-07-1176-MkKuPa. Bankruptcy No. LA 06-16059 BB.

391 B.R. 25 (2008)

In re PW, LLC, Debtor. Clear Channel Outdoor, Inc., Appellant, v. Nancy Knupfer, Chapter 11 Trustee; DB Burbank, LLC, Appellees.

United States Bankruptcy Appellate Panel of the Ninth Circuit.

Filed May 30, 2008.

Corrected July 18, 2008.

Attorney(s) appearing for the Case

Lewis R. Landau, Calabasas, CA, for Clear Channel Outdoor, Inc.

John N. Tedford IV, Danning, Gill, Diamond & Kollitz, Los Angeles, CA, for Nancy Knupfer, Chapter 11 Trustee.

Joel G. Samuels, Sidley Austin, LLP, Los Angeles, CA, for DB Burbank, LLC.

Before: MARKELL, KURTZ and PAPPAS, Bankruptcy Judges.

OPINION

MARKELL, Bankruptcy Judge.

This appeal presents a simple issue: outside a plan of reorganization, does § 363(f) of the Bankruptcy Code permit a secured creditor to credit bid its debt and purchase estate property, taking title free and clear of valid, nonconsenting junior liens? We hold that it does not.

In reaching this conclusion, we reject the contention that once the sale is consummated, the appeal from the order stripping the junior...

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