D. Final Order Subject to Appeal
Another procedural issue concerning substantive consolidation is whether an order of the bankruptcy court granting the relief constitutes a final order that is subject to appeal. As the court explained in In re Bonham, an order may be appealed to the circuit level "when the bankruptcy court order and the decision of the district court acting in its bankruptcy appellate capacity are both final orders."86 A final decision "ends the litigation on the merits and leaves nothing for the court to do but execute the judgment."87 The court further explained that bankruptcy law has adopted a "pragmatic approach" that "emphasizes the need for immediate review."88 Accordingly, "a bankruptcy court order is considered to be final and thus appealable "where it 1) resolves and seriously affects substantive rights and 2) finally determines the discrete issue to which it is addressed."89 Applying these standards, and adopting the approach of other circuits, the Ninth Circuit ruled in Bonham that substantive-consolidation orders are final and appealable because such orders "seriously affect[] the substantive rights of the involved parties."90
While the Bonham ...
