Venito has a license from Langhorn, Inc. to make, use, and sell a patented product. The license provides that it terminates upon the licensee’s insolvency or on the filing of a voluntary or involuntary bankruptcy proceeding by the licensee. It also provides that the license cannot be assigned without Langhorn’s consent. At the time that Venito filed its petition, it had not paid license fees for three months, but Langhorn had not yet sent a notice of default as required by the license. Subsequent to filing the petition, Venito filed a motion to assume the license and assign it to Radical Media.
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