In Re Easabee

Ronald Edward Ostrin

Practice Area:Bankruptcy / Chapter 11

Outcome:After initially tenatively ruling otherwise, after a careful presentation of the law and facts, Judge Lasarow reversed himself agreeing that the debtor could not assume an option to purchase real property that called for seller financing.

Description:Chippendale's attempted to assume a lease with an option to purchase while in bankruptcy and attempted to exercise the option to purchase which called for seller financing in violation of the rule that one cannot assume a contract which calls for financial accommodations by the non-debtor party.