In re: Resource Technology Corp.

Federal 7th Circuit Court
Civil Court
Bankruptcy
Citation
Case Number: 
Nos. 08-4118 & 08-4310 Cons.
Decision Date: 
October 1, 2010
Federal District: 
N.D. Ill., E. Div.
Holding: 
Affirmed
Bankruptcy Ct. did not err in rejecting Trustee's application under section 365(f)(2)(B) to assume and assign to third-party entity certain contracts involving debtor to develop gas-to-energy conversion systems at solid waste landfills. Record supported concerns by objecting owners of landfills as to ability of subject entity to perform under contracts where: (1) managers of subject entity had been managers of debtor; (2) subject entity had only minimal assets; and (3) there was lack of explanation as to how entity would obtain $3 million in financing that was necessary to fulfill obligations under contracts.