Gateway Access Solutions Inc. v. Nester (In re Gateway Access Solutions Inc.)
May
17
2007
Ruling
Adequate protection payments for security interests in FCC lease conversion payments not required as rejection of underlying option contract rendered interests worthless.
Procedural posture
Movant bankruptcy debtor was permitted to reject a contract granting an option to purchase FCC leases from the debtor, and respondent creditors who held security interests in lease conversion payments under the contract asserted that their liens extended to proceeds from postpetition lease sales and that the creditors were entitled to adequate protection under 11 U.S.C. § 363(e) as a condition of the contract rejection.
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Court
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