Unique Aspects of Sales Involving Nonprofit Assets

, New York Law Journal

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Thomas Califano, a partner at DLA Piper, and Daniel Egan, an associate with the firm, write that in a typical bankruptcy sale, the debtor is seeking to obtain the highest and best offer for its assets, usually the offer that will provide the best recovery for the debtor's estate. Purchase price is not the sole factor, however, and a not-for-profit debtor is charged with the fiduciary duties to act in furtherance of the organization's charitable mission while also acting in the best interests of creditors.

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