Bankruptcy Court Holds That Safe Harbor in Section 546(e) of the Bankruptcy Code for "Securities Contracts" Does Not Protect Sellers or Lender From Avoidance Actions in Private LBO Transaction

May 6, 2011

The Alert Memo reviews the April 21st decision of the United States Bankruptcy Court for the Southern District of New York holding that the safe harbor provisions of Section 546(e) of the Bankruptcy Code do not protect transfers in connection with private leveraged buy-outs from constructive fraudulent conveyance actions.

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Bankruptcy Court Holds That Safe Harbor in Section 546(e) of the Bankruptcy Code for "Securities Contracts" Does Not Protect Sellers or Lender From Avoidance Actions in Private LBO Transaction