May 03, · Description. Section of the Bankruptcy Code provides an attractive way for purchasers to acquire assets. These sales are accompanied by a bankruptcy court order that provides the asset transfer is free and clear of liens, claims and encumbrances and, in some instances, may provide a purchaser with additional protections. Apr 26, · Virginia billionaire Tom Clarke emerged victorious from bankruptcy court Wednesday when he and his partners were the only group to show up for an auction to buy the former Essar Steel Minnesota . Virginia, MN A $35 million bridge loan in the early part of the bankruptcy removed Essar Steel Minnesota from ownership of the Nashwauk project. When bidding opened on the project in April.