Recent Challenges to Uptiering Transactions

Tr. of Hr’g on Motion to Dismiss, Eaton Vance Mgmt. v. Wilmington Sav. Fund Soc’y, No. 654397/2017 (N.Y. Sup. Ct. 2017); LLC v. NYDJ Apparel LLC, No. 656677/17 (N.Y. Sup. Ct. 2017); Argos Holdings Inc. v. Wilmington Nat'l Ass'n, No. 18-cv-5773 (DLC) (S.D.N.Y. Mar.ch 28, 2019); Travelport Finance (Luxembourg) S.à .r.l. v. Wilmington Savings Fund Society, FSB, No. 652274/2020 (N.Y.S. June 5, 2020); ICG Global Fund 1 DAC v. Boardriders Inc., No. 655175/2020 (N.Y. Sup. Ct. Oct. 9, 2020) (D.I. 1) (Plaintiff’s Compl.); Black Diamond Commercial Finance LLC v. Murray Energy Corp. (In re Murray Energy Holdings Co.); 616 B.R. 84 (Bankr. S.D. Ohio 2020); Black Diamond Commercial Finance LLC v. Murray Energy Corp. (In re Murray Energy Holdings Co.), Ad. Pro. No. 19-2143 (JEH) (Bankr. S.D. Ohio Nov. 8, 2021); North Star Debt Holdings LP v. Serta Simmons Bedding LLC, No. 652243/2020 (N.Y. Sup. Ct. June 20, 2020) (D.I. 88) (“Serta NY State Court Decision”); LCM XXII LTD. v. Serta Simmons Bedding LLC, 2022 WL 953109 (S.D.N.Y. Mar. 29, 2022) (“Serta SDNY Decision”); Serta NY State Court Decision at 7; Serta SDNY Decision at 11-12; Audax Credit Opportunities Offshore Ltd. v. TMK Hawk Parent Corp., 2021 WL 3671541 (N.Y. Supp.) (N.Y. Sup. Ct. Aug. 16, 2021); Audax, 2021 WL 3671541, at *11; In re TPC Grp. Inc., No. 22-10493 (CTG), 2022 WL 2498751 (Bankr. D. Del. July 6, 2022).