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IN RE ASARCO, L.L.C.

No. 10-40930.

650 F.3d 593 (2011)

In the Matter of ASARCO, L.L.C., Debtor. ASARCO, Incorporated; Americas Mining Corporation; ASARCO, L.L.C., Appellants, v. Elliott Management; The Baupost Group, Appellees.

United States Court of Appeals, Fifth Circuit.

August 16, 2011.

Attorney(s) appearing for the Case

Dion W. Hayes , Tennille Jo Checkovich (argued), Karen Elizabeth Sieg , McGuire-Woods, L.L.P., Richmond, VA, Charles A. Beckham, Jr. , Haynes & Boone, L.L.P., Houston, TX, Douglas L. Grundmeyer , Douglas R. Holmes , Jonathan C. McCall , Chaffe McCall, L.L.P., New Orleans, LA, Patrick L. Hayden , McGuireWoods, L.L.P., New York City, NY, Robert Jay Moore , Milbank, Tweed, Hadley & McCloy, L.L.P., Los Angeles, CA, for Appellants.

Eric Jay Taube (argued), Hohmann, Taube & Summers, L.L.P., Austin, TX, for Appellees.

Before SMITH and STEWART, Circuit Judges.

CARL E. STEWART, Circuit Judge:

The bankruptcy court in this case issued an order that authorized the debtor, ASARCO LLC ("ASARCO"), to reimburse qualified bidders for expenses incurred in connection with the sale of a substantial asset of the debtor's estate. The bankruptcy court determined that such reimbursements were proper under the business judgment standard in section 363(b) of the Bankruptcy Code.

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