With interest rates at historic lows and the economy slowly strengthening, leveraged buyouts (“LBOs”) remain a popular means of corporate recapitalization.  But a spate of recent litigation has signaled that the predictable LBO benefits traditionally available to tendering shareholders may be in jeopardy.  This article explores the recent decision in In re Tribune Fraudulent Conveyance Litigation, which provided the most comprehensive examination of various LBO issues, to date.