Reducing Litigation Risk Through Transaction Independence: Takeaways from Tribune’s Two-Step LBO

In re Tribune Co. Fraudulent Conveyance Litig., 2018 WL 6329139 (S.D.N.Y. Nov. 30, 2018); In re Tribune Co. Fraudulent Conveyance Litig., 2019 WL 549380 (S.D.N.Y. Feb. 12, 2019); HBE Leasing Corp. v. Frank, 48 F.3d 623 (2d Cir. 1995); N. Am. Catholic Educ. Programming Found. Inc. v. Gheewalla, 930 A.2d 92 (Del. 2007); In re Sabine Oil & Gas Corp., 547 B.R. 503 (Bankr. S.D.N.Y.), aff’d, 562 B.R. 211 (S.D.N.Y. 2016).