Is a crown jewel required in cases in which there is an up front buyer?
We assess the need for an up front buyer and for a crown jewel separately and on a case-by-case basis. An up front buyer does not necessarily eliminate the need for a crown jewel provision. Agreements with up front buyers occasionally fall through. In such a case, the original asset package may be unattractive to any other buyer, so there may be a need to alter or expand the original divestiture package to accomplish relief if the “up front” deal falls through. See, e.g., AHP/Solvay, Dkt. No. C-3740; Chevron/Texaco, Dkt. No. C-4023.
