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In re Jamesway Corporation
United States Bankruptcy Court for the Southern District of New York
201 B.R. 73 (1996)
Jamesway Corporation (Jamesway) (debtor) operated department stores. Jamesway had a lease with Valley Green Mall Co. (Valley Green) for retail space. Jamesway filed for reorganization under chapter 11 of the bankruptcy code and sought to assume and assign the lease to Rite Aid of Pennsylvania, Inc. (Rite Aid). The lease contained a clause that required Jamesway to pay the landlord 50 percent of the profits Jamesway received from the assignment if Jamesway assigned the lease. Mass Mutual was the successor-in-interest to Valley Green for the lease. Jamesway petitioned the bankruptcy court to approve the assumption and assignment of the lease to Rite Aid. Jamesway requested that the court hold the clause unenforceable under § 365(f) of the bankruptcy code, and Mass Mutual objected.
Rule of Law
Holding and Reasoning (Garrity, J.)
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