Jon,

Under section 363(f) of the Bankruptcy Code, buyers acquire the assets sold in a 363 Sale free and clear of liens or other claims and obtain rubber-stamp approval that the sale was in good faith. Additionally, section 363(m) of the Bankruptcy Code essentially moots appeals of the sale, thereby providing finality to the sale.

I had the unfortunate first hand experience of being a creditor in a case where a 363 Sale was used.

Loc