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The ‘Countryman’ definition of an executory contract allows a debtor sell a contract without curing a default if the non-debtor counterparty has no further material, unperformed obligations.
Not having challenged pre-petition liens on time, a chapter 7 trustee was barred from taking over an adversary proceeding initiated by a now-dissolved chapter 11 creditors’ committee.
Third Circuit dicta suggests that failure to create a trust is constitutionally deficient and won’t discharge claims of ‘unknown’ creditors in a chapter 11 plan.
Splitting with the Sixth Circuit, Pittsburgh district judge rules that a FLSA suit falls within the ‘police and regulatory’ exception to the automatic stay.
The Third Circuit found loopholes in the purchase agreement permitting the buyer to assert an administrative claim, even though the breakup fee was disallowed.
