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In re Riodizio, Inc.

United States Bankruptcy Court for the Southern District of New York
204 B.R. 417 (1997)


Facts

Riodizio, Inc. (Riodizio) (debtor) operated a restaurant. Riodizio entered into a number of financing agreements with Riodizio Company, LLC (LLC). One of these agreements was a warrant for stock options through which Riodizio gave LLC the option to acquire approximately 60 percent of outstanding Riodizio stock at the purchase price of $1 per share. Riodizio filed for reorganization under chapter 11 of the bankruptcy code. In bankruptcy court, Riodizio sought to reject the stock-option warrant. LLC argued that the stock-option warrant was not executory and therefore could not be rejected.

Rule of Law

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Issue

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Holding and Reasoning (Bernstein, J.)

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  • A “yes” or “no” answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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