IN RE TRIBUNE CO. FRAUDULENT CONVEYANCE LITIGATION

Docket Nos. 19-3049-cv; 19-449-cv August Term 2020.

10 F.4th 147 (2021)

IN RE: TRIBUNE COMPANY FRAUDULENT CONVEYANCE LITIGATION. Marc S. Kirschner, as Litigation Trustee for the Tribune Litigation Trust, Plaintiff-Appellant, v. Large Shareholders, Financial Advisors, Financial Institution Holders, Financial Institution Conduits, Pension Funds, Individual Beneficial Owners, Mutual Funds, Defendants-Appellees. Marc S. Kirschner, as Litigation Trustee for the Tribune Litigation Trust, Plaintiff-Appellant, v. Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: August 20, 2021.


Attorney(s) appearing for the Case

Lawrence S. Robbins ( Roy T. Englert, Jr. , on the brief), Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, Washington, DC; Robert J. Lack , Jeffrey R. Wang , Friedman Kaplan Seiler & Adelman LLP, New York, New York; David M. Zensky , Akin Gump Strauss Hauer & Feld LLP, New York, New York, for Plaintiff-Appellant.

Douglas Hallward-Driemeir , ( Jonathan Ference-Burke on the brief), Ropes & Gray LLP, Washington, DC; Andrew Devore , Joshua Sturm , Ropes & Gray LLP, Boston, MA; Philip D. Anker , Alan E. Schoenfeld , Ryan Chabot , Wilmer Cutler Pickering Hale & Dorr LLP, New York, New York; Joel W. Millar , Wilmer Cutler Pickering Hale & Dorr LLP, Washington, DC; Matthew L. Fornshell , Ice Miller LLP, Columbus, Ohio; Andrew J. Entwistle , Entwistle & Cappucci LLP, New York, New York; Mark A. Neubauer , Carlton Fields, LLP, Los Angeles, California; P. Sabin Willett , Michael C. D'Agostino , Morgan, Lewis & Bockius LLP, Boston, Massachusetts; Michael S. Doluisio , Dechert LLP, Philadelphia, Pennyslvania, for Defendants-Appellees Pension Funds, Financial Institution Holders, Individual Beneficial Owners, Mutual Funds, Certain Large Shareholders, and Financial Institution Conduits.

Erin E. Murphy , Kirkland & Ellis LLP, Washington, DC; Gabor Balassa , Brian Borchard , Kirkland & Ellis LLP, Chicago, Illinois; Oscar Garza , Douglas G. Levin , Gibson, Dunn & Crutcher LLP, Irvine, California; Matthew D. McGill , Gibson, Dunn & Crutcher LLP, Washington, D.C., for Defendants-Appellees Large Shareholders.

Kannon K. Shanmugam ( Masha G. Hansford , Joel S. Johnson , on the brief), Paul, Weiss, Rifkind, Wharton & Garrison LLP, Washington, D.C.; Andrew G. Gordon , Kira A. Davis , Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, New York; Daniel L. Cantor , Daniel S. Shamah , O'Melveny & Myers LLP, New York, New York, for Defendants-Appellees Citigroup Global Markets, Inc. and Merrill Lynch, Pierce, Fenner & Snith Inc.

Jonathan D. Polkes ( Gregory Silbert , Stacy Nettleton , on the brief), Weil, Gotshal & Manges LLP, New York, New York; George E. Mastoris , Winston & Strawn LLP, New York, New York, for Defendants-Appellees Financial Advisors.

Before: Raggi and Chin, Circuit Judges.


In 2007, the Tribune Company ("Tribune"), then-publicly traded, executed a leveraged buyout (the "LBO") to go private. Less than a year later, Tribune filed for Chapter 11 bankruptcy. Plaintiff-appellant Marc Kirschner, the bankruptcy litigation trustee (the "Trustee"), brought fraudulent conveyance and other claims on behalf...

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