Disaster Services, Inc. v. ERC Partnership
Court of Appeals of Georgia
1Opinion of the Court
Eldridge, Judge.
On May 6, 1991, ERC Partnership (“ERC”), defendant-appellee, entered into an asset purchase agreement with Eastern Air Lines (“EAL”), after EAL went bankrupt and ceased operations, to buy its leasehold interest in its Reservation Building for $1,050,000. The building was owned by the John D. and Catherine T. MacArthur Foundation (“Foundation”). On June 24, 1991, the bankruptcy court approved this sales agreement. ERC began negotiations with the Foundation to purchase the building subject to EAL’s leasehold interest. Under the lease, EAL had to maintain fire insurance and keep…
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