6Jul/080
Party to settlement with trustee had no right to unilaterally repudiate it pending court approval.
The mere fact that a party had entered into a settlement agreement with a Chapter 7 trustee subject to approval of the plano bankruptcy attorney court did not create in the party a right of unilateral repudiation pending that approval. Rather, the party was bound by the settlement agreement that it had negotiated unless and until the bankruptcy court rejected that agreement. Parties to settlement agreements are entitled to some certainty that the agreement they enter into is valid and will be effective and enforceable if the bankruptcy court approves it.
