In re Roomstore Inc.
Jun
05
2012
Ruling
Purchase option agreement was an executory contract that could be rejected on timely notice by debtor.
Procedural posture
Creditor, the owner of a minority interest in debtor's mattress business, filed a motion for relief from the automatic stay under 11 U.S.C.S. § 362, seeking to enforce a purchase option agreement that was nominally exercisable upon debtor's filing of a bankruptcy petition. Debtor filed an objection to the motion for stay relief and a notice of rejection of the option contract under 11 U.S.C.S. § 365(a).
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Court
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