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    Back to square one: How Tribune revived the settlement payment safe harbor to trustee avoidance powers in the context of leveraged buyouts

    Creighton Authors
    Fox, Irina

    Admin. Units
    School of Law

    Subjects
    Bankruptcy;

    Title
    Back to square one: How Tribune revived the settlement payment safe harbor to trustee avoidance powers in the context of leveraged buyouts

    Authors
    Fox, Irina

    Journal
    Norton Journal of Bankruptcy Law and Practice

    Volume
    29

    Issue
    4

    Pages
    295-329

    Date
    2020, August

    Metadata
    Show full item record
    URI
    http://hdl.handle.net/10504/128462
    Citation
    Irina Fox, Back to Square One: How Tribune Revived the Settlement Payment Safe Harbor to Trustee Avoidance Powers in the Context of Leveraged Buyouts, 29 NORTON J. BANKR. L. & PRAC. 295 (2020).

    Abstract
    This Article reviews the history of the Code section 546(e) safe harbor, highlighting the circuit split that was resolved by Merit Management. The Article then focuses on the current framework for the analysis, as it was articulated in Tribune. It reviews case law on the interpretation of statutory terms such as "financial institution," "settlement payment," and securities contract." The Article highlights why public securities transactions need protection, whereas transfers of securities of closely held companies should be subject to avoidance. Finally, to prevent further uncertainty regarding the application of the statute, the Article suggests that Congress amend section 546(e). The settlement payment safe harbor should shield from avoidance only transactions involving public markets of securities. That was the original purpose for the safe harbor.
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