In the event of a sale or auction, such as one of an estate, late bids are legal in the eyes of the law. However, a recent article co-written by Insolvency & Restructuring partner Dania Slim and associate Alana Lyman refers to late bids as a "double-edged sword," as the tension between value-maximization and the integrity of the process is a line that the courts repeatedly walk.

That is because they may increase value to the estate but may also damage parties' expectations and ultimately undermine the debtor's reorganization prospects.

To read the full article, click here.