Retroactive and nunc pro tunc orders aren’t the same thing, Judge Jaime says. Orders may be retroactive when the power is implied by statute.
Even though the price and terms were ‘entirely fair,’ Bankruptcy Judge Garrity disapproved DIP financing that would have locked in the right of controlling shareholders to purchase new stock at a 20% discount.
In a SARE case, the BAP says that the bankruptcy court cannot deny a lift-stay motion without finding that confirmation is reasonably possible in a reasonable time.
The 2005 amendments to Section 546(c) departed from state law under UCC § 2-702 by creating a federal rule making reclamation claims subordinate to existing secured claims and DIP financing.