two questions are base on Hostess Brands Liquidates in Bankruptcy

1. What types of businesses are most appropriate for Chapter 11 reorganization, Chapter 7 liquidation, or a Section 363 sale? What factor(s) drove Hostess into a Section 363 sale? Which party tends to have the greater advantage: the strategic or financial bidder in a 363 sale and why?

2. Comment on the fairness of the 363-auction process to Hostess shareholders, lenders, employees, communities, government, etc. Be specific.