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Email Last year, the Supreme Court issued its decision in Merit, unanimously ruling that a buyout transaction between private parties did not qualify for “safe harbor” protection under Bankruptcy Code section 546(e), on the basis that a “financial institution” acted as an intermediary in the overarching transaction. Section 546(e) protects from avoidance certain transfers by, to, or for the benefit of a financial institution. https://www.cadwalader.com/resources/clients-friends-memos/the-district-court-in-tribune-circumscribes-merit-and-maintains-section-546e-safe-harbor-protection-for-shareholders-in-the-wake-of-a-failed-lbo