Law360, New York ( May 12, 2015, 10:22 AM EDT) -- Lenders can be forgiven if they feel exposed in insolvency matters. Trustees, receivers and other fiduciaries invariably find theories to pursue "deep pockets" to fund creditors' losses, whether in the form of "lender liability" claims or allegations of collusion with failed businesses. One such theory holds that if a lender advances money to an entity that is running a Ponzi scheme, the lender must as a matter of law disgorge everything it recovered on its loans other than principal; this is true in spite of the fact that the statutes appear to exempt from liability transfers made for fair value, specifically including "satisfaction .. of a … debt of the debtor." All the same, under the judicially created "Ponzi scheme presumption," facts relating to the loan — for instance, that it was supported by appropriate underwriting and diligence, made at rates that are indisputably market rates, or paid down in accordance with contract terms — are entirely irrelevant....