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Prospect ECHN, Inc. v. Winthrop Resources Corporation
Citation:
75 F.4th 885 (2023)Facts
Winthrop Resources Corporation entered into Lease Agreement No. EA112107 with Eastern Connecticut Health Network entities in 2007, governed by Minnesota law and designated as a finance lease under UCC Article 2A. Over several years, the parties executed seven lease schedules covering computer hardware, software licenses, and services with initial terms of four or five years. Each schedule required ECHN to make absolute and unconditional payments during the initial term, after which either party could terminate annually with 120 days’ notice. Upon termination, ECHN was obligated to return equipment to Winthrop. Prospect ECHN, Inc. purchased ECHN’s assets in 2016 and assumed the lease obligations. In 2018, Prospect sought release from payment obligations for schedules whose initial terms had expired, offering $50,000-$100,000. Winthrop’s final offer in December 2018 was $1.7 million to close out four schedules. Prospect declined, stopped making full payments after February 2019, did not return equipment, and continued using some equipment while disposing of other equipment including software containing patient information.
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