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Expert Analysis

A Test Balloon For Section 546(e) Interpretation

Law360, New York ( October 4, 2013, 10:37 AM EDT) -- On Sept. 23, 2013, U.S. District Judge Richard Sullivan of the Southern District of New York issued a decision with potential implications for the interpretation of Section 546(e) of the Bankruptcy Code, the statute that protects "settlement payments" in securities transactions from avoidance claims. In a 16-page decision, the court dismissed state-law constructive fraudulent conveyance claims brought by creditors seeking to avoid payments made to former shareholders of the Tribune Company during the company's 2007 leveraged buyout....

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