ABI Journal features article by Etahn M. Cohen and Myles R. MacDonald entitled “Rights of First Refusal: Contending with Rejection”
The October 2014 edition of the ABI Journal includes a feature article entitled, "Rights of First Refusal: Contending with Rejection," authored by Etahn M. Cohen, partner in Sugar Felsenthal Grais & Hammer LLP's Business Transactions and Bankruptcy, Reorganization & Creditors' Rights Practice Groups, and Myles R. MacDonald, a member of the firm. The article analyzes the treatment of rights of first refusal in limited liability company operating agreements when a member is in bankruptcy. The authors demonstrate how well-established doctrines in the analysis of executory contracts can be used to prevent rights of first refusal from being rejected in bankruptcy proceedings as separate executory contracts under section 365 of the Bankruptcy Code.
The ABI Journal is the flagship publication of the American Bankruptcy Institute and is read by more than 13,000 industry practitioners internationally.