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The Metamorphosis of Assignment Clauses in Bankruptcy

By Robbin L. Itkin and Katherine C. Piper
April 27, 2005

How is this scenario for a debtor's nightmare?

You negotiate a license agreement that provides for the assignment of the agreement to successors in interest so long as they agree to be bound by the terms of the agreement. You then file a Chapter 11 bankruptcy and as a debtor in possession, seek to assume that license agreement. The other party to the contract objects to such assumption and the Bankruptcy Court says that in light of such objection you cannot assume the license agreement. You cannot reorganize without the license. You are dead.

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