Nos. 87-2855, 87-2926.

877 F.2d 594 (1989)

In the Matters of Thomas E. CRIPPIN, Jr., Steven Bruce and Paula Bruce, Debtors. Appeals of P*I*E NATIONWIDE, INC., f/k/a Ryder/P*I*E Nationwide, Inc.

United States Court of Appeals, Seventh Circuit.

Decided June 19, 1989.

Attorney(s) appearing for the Case

Peter Reed Corbin, John E. Duvall, Corbin & Dickinson, Jacksonville, Fla., James M. Mulvaney, Gunn & Hickman, P.C., Danville, Ill., for appellant.

Richard F. Kurth, James K. Borbely, Kurth, Wolgamot & Borbely, Danville, Ill., for appellee.

Before BAUER, Chief Judge, MANION, Circuit Judge, and WILL, Senior District Judge.

MANION, Circuit Judge.

These consolidated appeals present the issue of whether debtors could treat their agreements to participate in an Employee Stock Ownership Plan (ESOP) as an executory contract and reject that contract in bankruptcy (and hence discontinue their participation) pursuant to 11 U.S.C. § 365. The practical effect of rejection in these cases is to allow the debtors to rescind a 15 percent wage reduction they had agreed to as a condition of their...

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