Opinion ID: 466263
Heading Depth: 2
Heading Rank: 1

Heading: The Sale of the Property

Text: 16 At the outset, we conclude that this court has no authority to overturn the Trustee's January 11, 1985 sale of the property. Under section 363(m) of the Bankruptcy Code, a sale made to a good faith purchaser pursuant to section 363(b) or (c) of the Code--as is the case here--cannot be overturned on appeal unless the sale was stayed pending appeal: 17 The reversal or modification on appeal of an authorization under subsection (b) or (c) of this section of a sale or lease of property does not affect the validity of a sale or lease under such authorization to an entity that purchased or leased such property in good faith, whether or not such entity knew of the pendency of the appeal, unless such authorization and such sale or lease were stayed pending appeal. 4 18 Hicks never sought to stay the sale, and the sale of the property was clearly one to a good faith purchaser. A good faith purchaser is one who buys in 'good faith' and for 'value.'  5 The purchaser here paid $132,500 for the property. This price is higher than any appraised value of the property presented to the bankruptcy court and thus we conclude that this purchase was certainly for value. Additionally, there is not even a hint in the record of any misconduct that could destroy the buyer's good faith. 6 The attack on that portion of the contempt order requiring Hicks to consent to a sale of the property free and clear of all liens and encumbrances is therefore moot. 7