Continental Airlines, Inc., a Delaware Corporation, Debtor-In-Possession v. Intra Brokers, Inc., a Missouri Corporation

Opinion by Judge KLEINFELD.

The issue in this case was whether Continental Airlines, which had not previously enforced an anti-assignment provision on discount coupons, could begin enforcing it and obtain an injunction. We hold that it could, and affirm.

Facts

Continental published discount coupons in 1991 and 1992. They were redeemable with Continental for various discounts, such as $100 off on a roundtrip airfare of $351 or more. All the coupons had language printed on the back restricting transfer, saying they “cannot be bartered, sold or redeemed for cash.” Intra acquired the coupons and sold them to travel agents, for resale to their customers. Intra’s advertisements to the trade promoted the coupons as a way that travel agencies could sell airplane tickets for less than competing agencies, by buying Continental coupons from Intra and selling them to their customers.

Continental wrote to Intra on August 20, 1991, and said that although it had not enforced its rule against transfer of the coupons before, it would begin to do so with the 1992 coupon book. Intra’s president, Jerry Weiner, said in his declaration that the author of Continental’s letter, vice president Jim…