Abe’s Boat Rentals Inc. filed for chapter 11 on April 27, 2018, in the U.S. Bankruptcy Court for the Eastern District of Louisiana. On Feb. 22, 2019, the debtor filed an Application for Order Authorizing Employment of Whelton Marine LLC as Marine Broker (the “Application to Employ”) in order to sell a 2008 Tiara 4300 Sovran yacht (the “vessel” or “M/V Heaven”).

When a retail debtor seeks to sell its assets in a chapter 11 proceeding pursuant to § 363 of the Bankruptcy Code, one of the key issues that often arises is whether the debtor will be permitted, as part of such sale, to assume and assign its store leases to the proposed buyer pursuant to § 365 of the Bankruptcy Code.

Thirty-three states and the District of Columbia permit some form of marijuana sales, and 11 states and the District of Columbia have enacted laws for the recreational sale and use of marijuana. Yet marijuana remains a “Schedule I” drug under the Controlled Substances Act,[1] equivalent to heroin under federal law.