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Broad reading of executory contract when trademark license obligations are unfulfilled
October 31 2012
In a case originating out of bankruptcy court, the U.S. Court of Appeals for the Eighth Circuit affirmed the bankruptcy court?s finding that a perpetual, royalty free, assignable, transferable, exclusive license granted as part of the sale of the business operations, assets and intellectual property associated with two bread baking brands was an executory contract.? Lewis Bros. Bakeries Inc. v. Interstate Brands Corp., Case No. 11-1850 (8th Cir., Aug. 30, 2012) (Bye, J.).
In 1996, Interstate Brands sold its Butternut Bread baking business operations and assets in the Chicago area and its Sunbeam Bread baking business operations and assets in the Central Illinois territory to Lewis Brothers Bakeries.? The parties entered into a license agreement, granting Lewis Brothers a perpetual, royalty-free, assignable, transferable, exclusive license to the brands and trademarks in certain parts of Illinois. In 2004, Interstate Brands filed for bankruptcy protection and later asserted that the license that was included with the sale of the two baking businesses?.?
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