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Home / Opinion Digests / First-Refusal Right Was Executory Contract (access required)

First-Refusal Right Was Executory Contract (access required)

In this corporate debtor’s bankruptcy, a right of first refusal in a limited liability company’s operating agreement is an executory contract that either expired by its own terms or was rejected by the bankruptcy trustee, and the Alexandria U.S. District Court grants the Chapter 7 trustee’s motion to sell a membership interest and promissory note ...

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