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Debtor's Power to Reject Executory Contract Trumps Counter-Party Debtor's Power to Assume Same Agreement
Among the various rights and protections afforded by the Bankruptcy Code to a debtor-in-possession, one of the most potent is the debtor's broad authority to assume or reject existing executory contracts and unexpired leases. Indeed, this power is one of the most useful tools available to a debtor, and in certain cases, it can be a major or even a primary reason for the bankruptcy filing.
The expansive ability granted to debtors to assume or reject existing executory contracts is premised on the policy that debtors should have the ability to abandon burdensome obligations while retaining favorable ones ' all with the overriding goal of rehabilitation in mind.
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Bankruptcy Sales: Finding a Diamond In the Rough
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Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.