Law360, New York (May 12, 2016, 12:56 PM EDT) -- Do constructive fraudulent transfer claims that were not pursued by a trustee in a bankruptcy proceeding revert to creditors? In In re Tribune Co. Fraudulent Conveyance Litig., the Second Circuit answered in the negative. The Second Circuit ultimately reached its conclusion by relying on preemption under 11 U.S.C. § 546(e), but only following a lengthy discussion of the resulting "ambiguities, anomalies, and conflicts" if the answer was yes. While this discussion does not have precedential value — the court notes several times that it need not resolve the question — it provides a persuasive argument that the answer of whether fraudulent...
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