The court will decide whether or not to uphold a decision preventing creditors from using the $318 million in debt owed to them as part of a bid. A federal judge ruled earlier this month they must bid in cash.
The current owners are in bankruptcy trying to shed $400 million in debt. Some original investors are among the local group posting an auction bid of $37 million.
The bid, along with the $30 million headquarters building, would give senior lenders 22 cents on the dollar.