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In re Riodizio, Inc.

United States Bankruptcy Court for the Southern District of New York

204 B.R. 417 (1997)

Business Associations
Relevant factsFree

Riodizio, Inc. (Riodizio), which operated a restaurant, financed its business partly through a warrant giving Riodizio Company, LLC (LLC) the option to buy about 60 percent of Riodizio's stock at $1 per share. After Riodizio filed for chapter 11 reorganization, it sought to reject the stock-option warrant in bankruptcy court, and LLC argued the warrant wasn't executory and therefore couldn't be rejected at all.

IssueFree

Whether only executory contracts may be assumed or rejected by the trustee under § 365(a) of the Bankruptcy Code.

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