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Expert Analysis

2nd Circ. Extends Section 546(e) Protection

Law360, New York (April 7, 2016, 10:40 AM EDT) -- On March 24, 2016, the U.S. Court of Appeals for the Second Circuit ruled that former shareholders of the debtor Tribune Media Co., who were cashed out in a leveraged buyout (LBO), would be protected from state law constructive intent fraudulent conveyance claims by virtue of the "safe harbor" protection of Section 546(e) of the Bankruptcy Code.[1] The court discussed federal preemption principles to extend the safe harbor shareholder protection to lawsuits brought by creditor groups that were authorized to bring such claims by the bankruptcy court....

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