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Professor Huffman will discuss his work on competition policy implications of the sale of assets, or firms, in the course of bankruptcy proceedings. This presentation will include a discussion of the asset sale procedure in US bankruptcy law, the perceived benefits of this procedure, and the arguments that asset sales may be “sub rosa” plans of reorganization that subvert the process for business bankruptcies. Huffman will then discuss the concerns from the perspective of competition policy and the limitations of bankruptcy procedures in giving full effect to competition concerns.