Seawind v. Creed Taylor, Inc. (In Re Creed Taylor, Inc.)

MEMORANDUM & ORDER

JOHN J. GALGAY, Bankruptcy Judge.

This post confirmation adversary proceeding by Seawind, a musical recording group, against Creed Taylor, Inc. (CTI) asks this court to determine whether a default on a prepetition licensing agreement, which occurred during the Chapter XI proceeding, terminated any claim which the debtor-in-possession may have had to the property at issue. After reviewing the history of the relationship between these parties, the transcript of the hearing held on December 30, 1980 and the relevant law, this Court concludes that the terms of the contract…