This panel first discusses lessons learned from the extensive litigation over the past few years on “drop-down” and “up-tier” restructuring transactions in such cases as Murray Energy, Serta Simmons, TriMark, Boardriders, iHeart, La Paloma and White Box v. Trans Ocean. It then examines some recent developments in fraudulent conveyance litigation, including challenges to transfers made in “Texas two-step” mergers (e.g., J&J); establishing fraudulent intent (Tribune); and recovering from subsequent transferees (e.g., Giant Gray; Madoff). Finally, we will discuss developments on equitable mootness, which continues to be litigated with differing results around the country.