A New Threat To Former Tribune Shareholders

Law360, New York (April 21, 2011, 12:41 PM EDT) -- On March 22, the bankruptcy court in the Tribune Co. bankruptcy case indicated that it would unlock (but not fully open) the floodgates for new fraudulent transfer litigation against former shareholders of Tribune. This time, the litigation will be brought not by the Tribune estate or its creditors’ committee, but by individual creditors in state courts. The purpose of the suits will be to recover the billions of dollars that former Tribune public shareholders received as a result of the company’s leveraged buyout in 2007....
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