In re Hertz

Good Law

2015 WL 5271332·2015 Bankr. LEXIS 3040·536 B.R. 434·61 Bankr. Ct. Dec. (CRR) 143·74 Collier Bankr. Cas. 2d 568

United States Bankruptcy Court, Central District of CaliforniaSeptember 8, 2015Case No.: 2:15-bk-12813-DSCalifornia6,475 words

Opinion

Lead Opinion

Saltzman, J.

MEMORANDUM DECISION ON THE DEBTORS’ MOTION TO REJECT EXECUTORY CONTRACT WITH THE GRAYFOX TRUST PURSUANT TO 11 U.S.C. § 365 (a)

Debtors and debtors in possession John Edward Hertz (“Hertz”) and Diane Gam-roth Hertz (together with Hertz, the “Debtors”) move for an order (the “Motion,” Docket No. 68) approving rejection of a real estate purchase contract between the Debtors and The Grayfox Trust Dated March 1, 2004 (the “Trust”) for the property located 28754 Grayfox Street, Malibu, California 90265 (the “Property”).

I. BACKGROUND

The Debtors listed the Property for sale in January 2014 through real estate broker Chris Cortazzo (“Cortazzo”) of Coldwell Banker Residential Brokerage Co. (“Cold-well”) at an initial price of $7,850,000. Declaration of Christopher Cortazzo, attached to the Trust’s opposition to the Motion, Docket No. 79 (“Cortazzo Deck”), ¶ 6. The Debtors had previously reached out to Cortazzo for evaluation of the Property in 2008 and 2012. In December 2008, *436 Cortazzo wrote in response to a request from the Debtors that he believed that the market value of the Property was approximately $8,500,000. Declaration of John Hertz, attached to the Motion, Docket No. 68…

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