In Re Moses N. Aslan, Debtor. Moses N. Aslan Irving Sulmeyer, Trustee v. Sycamore Investment Company

OVERVIEW

LEAVY, Circuit Judge:

In 1982, the appellant-debtor, Moses As-lan, entered into a contract to sell a shopping arcade (“the Arcade”) to Sycamore Investment Co. (“Sycamore”). Aslan failed to fulfill certain of its contractual obligations. Sycamore initially refused to purchase the Arcade, but subsequently sued to specifically enforce the contract. In 1986, with Sycamore’s suit still pending, Aslan filed for bankruptcy under Chapter 11 of the Bankruptcy Code. The bankruptcy court then granted Aslan’s motion to reject the sales contract as an executory contract. Rejection of an executory…