In re Innovative Commun. Co. LLC

Ruling: 
Contract containing conditions rather than duties was not executory and not assumable.
Procedural posture: 
In chapter 11 bankruptcy proceedings, the Bankruptcy Division of the U.S. District Court for the District of the Virgin Islands ruled that a settlement agreement between the debtors and certain creditors was not assumable because it was not executory under 11 U.S.C.S. § 365. One debtor appealed.
Issue: 
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Commercial case opionion summary, case decided on June 02,2008, LexisNexis #0708-005