As the stock markets continue to climb toward their pre-2008 highs, the memories of the chaotic events that shook the financial markets in September 2008 and launched the “Great Recession” are fading into history. During that period in 2008, a phenomenon occurred in the bankruptcy system that became known as “quick sales.”
This label was given to a number of sales of businesses of large U.S. companies within weeks, or even days, of the filing of a bankruptcy case. Such sales included General Motors, Chrysler and Lehman Brothers. In these cases, the bankruptcy court was requested to approve sales of entire businesses in an incredibly short period of time on the grounds that the enterprise values of the businesses were declining like a falling knife and the prospective purchaser was the only white knight available to buy the business and save jobs.
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