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Financial Institutions › Shareholders › Leveraged Buyout

Proskauer Rose LLP

Retailer’s Status as a “Financial Institution” Immunizes $1 Billion Fraudulent Transfer

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When leveraged buyouts (“LBOs”) fail, the selling shareholders are litigation targets. A common suit is a claim by a bankruptcy trustee asserting constructive fraudulent transfer claims seeking to claw-back payments to the...more

McGuireWoods LLP

U.S. Supreme Court Declines Review Ending Shareholder Fraudulent Transfer Litigation in Tribune

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After more than a decade, litigation resulting from the failed leveraged buyout (LBO) of media giant Tribune Company has finally drawn to a close. On Feb. 22, 2022, the U.S. Supreme Court declined to review the latest...more

Patterson Belknap Webb & Tyler LLP

Former Tribune Shareholders Still Merit Safe Harbor Upon Revision

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We have noodled on the impact that the Supreme Court’s decision in Merit Management Group, LP v. FTI Consulting, Inc., which held that the safe harbor provided in Section 546(e) of the Bankruptcy Code does not apply when the...more

Dechert LLP

Second Circuit Paves a Way to Protect LBO Payments from Avoidance Actions 

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The Second Circuit Court of Appeals recently held in In re Tribune Company Fraudulent Conveyance Litigation, No. 13-3992-cv (L) (2d Cir., Dec. 19, 2019) that Bankruptcy Code Section 546(e) barred claims seeking to avoid...more

Skadden, Arps, Slate, Meagher & Flom LLP

Second Circuit Recognizes ‘Customer’ Safe Harbor in Tribune LBO Litigation

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As we had anticipated in our prior client alerts, the “customer” safe harbor defense to constructive fraudulent conveyance claims challenging securities transactions — which was flagged by the U.S. Supreme Court in Merit...more

Cadwalader, Wickersham & Taft LLP

No, You’re a Customer: Recent Second Circuit Decision Circumscribes Merit and Preempts State Law Impairment of Safe Harbor...

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On December 19, 2019, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) affirmed a ruling of the United States District Court for the Southern District of New York (the “District Court”)...more

Dechert LLP

Does Tribune Make Merit Management Obsolete?

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In March 2018, the U.S. Supreme Court handed down its opinion in Merit Management Group, LP v. FTI Consulting, Inc., unanimously affirming the Seventh Circuit, holding that transfers are not protected from avoidance under the...more

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