I wrote to Patriot last week and received no response. I asked whether or not the New ComAg preserved the provision of the old ComAg whereby if TPL files chapter 11 and does not remain the debtor in possession....that is grounds to void that contract?

I was reading the P-Newco Operating agreement and section 8.1 addresses terminating events. However, section 8.3 speaks to reversion rights and it states "Upon the occurence of any event specified in Section 8.1 or upon the valid termination of the Commercialization Agreement by the Company, all of the rights granted by each of Patriot and TPL to the Company pursuant to the P-Newco License and T--Newco License respectively, shall immediately and without further action by any of the parties thereto revert in their entirety to each of Patriot and TPL, respectively.

Terminating the ComAg appears to be cause to terminate the Operating Agreement for PDS. If PDS ceases to exist then wouldn't that void the Alliacense Services Agreement?


http://photos.imageevent.com/banos/tplbkplan21414/Operating%20Agreement%20P-NEWCO.pdf