Over the years I have had many occasions to talk to folks about "how it works in bankruptcy court" which sometimes is not exactly logical. Most often these discussions are with other lawyers. We bankruptcy types can drive corporate types crazy ("you can't do that, the papers say is it a [fill in here.. lease or LBO or some such]") but of course we frequently can get a ruling that the actual transaction is not what it says on the papers. At any rate, a recent case out of Delaware Bankruptcy Court (issued June 17) illustrates this principle well. It holds that a sale of property out of a bankrupt estate can be valid even if the debtor has no title to the property being sold ... since a right to litigate about the title, if that is all it turns out the debtor owns is itself transferable. That makes perfect sense to me! Here is the link to this new case: http://www.deb.uscourts.gov/Opinions/2005/atlanticmain.pdf Mike