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Tech Bankruptcy
May 25, 2007
  Article Analyzing Footstar
In In re Footstar, Inc., 323 B.R. 566 (Bankr. S.D.N.Y. 2005), the bankruptcy court for the Southern District of New York rejected the "hypothetical test" for interpreting 265(c)(1)(A). The Court presented a new analysis supporting application of the "actual test" and held that the debtor could assume pending contracts with Kmart Corporation.

Three of the lawyers involved in the case, Jay R. Indyke, Richard S. Kanowitz, and Brent Weisenberg, have written an article analyzing the court's decision and further explaining its approach to allowing assumption of otherwise non-assignable executory contracts.

The article, called "Ending the "Hypothetical" vs. "Actual" Test Debate: A New Way to Read Section 365(c)(1)" was published in the April 2007 edition of the Journal of Bankruptcy Law and Practice. 16 J. Bankr. L. & Prac. 2 Art. 2 (2007).

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Warren E. Agin is a partner in Swiggart & Agin, LLC, a boutique law firm in Boston, Massachusetts focusing on the needs of technology companies. Mr. Agin heads its bankruptcy department. The author of the book Bankruptcy and Secured Lending in Cyberspace (3rd Ed. West 2005), Mr. Agin also chaired the ABA's E-commerce and Insolvency Subcommittee from 1999 to 2005, co-chaired the Boston Bar Association's Internet and Computer Law Committee (2003-2005), and served on the American Bar Association's Standing Committee on Technology and Information Services (2008-2011). Mr. Agin currently co-chairs the Editorial Board of Business Law Today. A contributing editor to Norton Bankruptcy Law and Practice, 3d, and co-author of its chapter on intellectual property for the past fifteen years, he is author of numerous legal articles and addresses on topics of technology, internet and bankruptcy law.

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