TTOD Liquidation, Inc. v. Lim (In re DOTT Acquisition, LLC)

Amended Opinion Granting In Part Plaintiffs’ Motion For Summary Judgment And Denying Defendant’s Cross-Motion For Partial Summary Judgment1

PHILLIP J. SHEFFERLY, Bankruptcy Judge.

Introduction

This adversary proceeding arises out of an agreement for the purchase and sale of a business in the automotive industry. Although originally structured as a purchase of all of the seller’s assets, the buyer did not have sufficient funds to close the deal. As a result, the parties changed the structure of their agreement so that the seller sold only some of its assets to the buyer, and leased other assets…