In Kravitz v. Samson Energy Co., the United States Bankruptcy Court District of Delaware held that, if a debtor qualifies as a financial participant, then transfers by a debtor in connection with a safe harbor-protected securities contract may be protected from avoidance, even if the recipient/transferee does not qualify as a financial participant.
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The FDIC and the SEC proposed a rule to govern the orderly liquidation of "covered brokers-dealers," or large broker-dealers that are subject to liquidation under Title II of the Dodd-Frank Act and not dissolution under the Securities Investor Protection Act ("SIPA").