In re CB Holding Corp.

Right of first refusal was rejected upon rejection of lease.
Procedural posture: 
At an initial sale hearing, a landlord asserted that it had a right of first refusal to buy a liquor license for $100,000. The court ordered that it be sold at auction, but reserved the landlord's right to argue a right of first refusal. After the auction, the landlord was the successful bidder (at $407,500), and the court approved the sale. Subsequently, the landlord pressed its argument that it was entitled to the license for $100,000.
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Commercial case opionion summary, case decided on April 27,2011, LexisNexis #0511-111