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This is an astonishing move by Disney, which I hope they will swiftly reverse. Although why it should have got to this stage is beyond me.
The idea that you can buy a company and acquire all the rights in contacts held by that company but none of the obligations makes a nonsense of contract law.
E.g. I set up a company that enters into a 50-year lease on a property for an agreed rent. I set up a second company. Then the first company sells itself to the second company, but only the rights, not the obligations. Voila, according to Disney, the second company now has the right to occupy the property for the next 50 years, but no obligation to pay anything to the owner of the property. What's left of the first company goes bankrupt.
A sweet deal for me and the second company. Not so good for the property owner.
I can't see any way Disney could win this in court. So they must be planning on using all legal delay tactics at their disposal to wait out the other side.
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