In re Empire Equities Cap. Corp.
Jun
03
2009
Ruling
Debtor that defaulted under contract allowed 60 days to exercise expired option.
Procedural posture
Debtor entered into an option contract to purchase three loans from movants. Debtor paid a deposit. Debtor obtained two extensions. Before the closing deadline on the second extension (option contract requiring time being of the essence), debtor filed for chapter 11 relief. Movants filed a motion for an order granting relief from the automatic stay to terminate the contract, or alternatively, to compel its rejection.
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Court
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