This case raises two important issues of first impression under the Bankruptcy Code: what happens to an undisclosed executory contract —frequently a valuable asset, yet deemed rejected if not timely assumed —and what exactly is an executory contract?

1. Is an executory contract that is not scheduled by a debtor automatically rejected under the Bankruptcy Code such that it cannot be assumed and assigned?

2. Where the bankruptcy court has entered a final order providing for the assumption and assignment of an executory contract, does that order control even if the bankruptcy court erred because the executory contract had actually already been rejected?

3. Alternatively to the foregoing issues, what is the proper definition of an executory contract under the Bankruptcy Code?

What happens to an undisclosed executory contract under the Bankruptcy Code?