Does the Second Circuit's holding that courts may collapse an initial transfer with subsequent transfers to bring an initial transfer within the § 546(e) safe harbor conflict with this Court's decision in Merit and expand § 546(e) well beyond the limits imposed by Congress?

Question Presented is: Does the Second Circuit’s holding that courts may collapse an initial transfer with subsequent transfers to bring an initial transfer within the § 546(e) safe harbor conflict with this Court’s decision Merit and expand § 546(e) well beyond the limits imposed by Congress? 2. A bankruptcy trustee may use § 548(a)(1)(A) of the Bankruptcy Code to avoid a transfer made with the actual intent to defraud creditors. The safe harbor in § 546(e) insulates certain constructive fraudulent transfers from avoidance under other sections of § 548(a), but it does not shield actual ii intent transfers under § 548(a)(1)(A). The Second Circuit, which oversees many of the nation’s largest bankruptcies, holds that §546(e) impliedly preempts all state-law fraudulent transfer claims by creditors, including state laws that closely resemble § 548(a). Thus, even if the Second Circuit did not err on the first question presented and the transfer was within the scope of 546(e), the Question Presented is: Did the Second Circuit err in holding that state laws allowing creditors to recover actual-intent fraudulent transfers stand as an obstacle to the accomplishment of the full purposes and objectives of Congress set forth in § 546(e) when the § 546(e) safe harbor itself does not apply to actual-intent claims under § 548(a)(1)(A)? iii PARTIES TO PROCEEDING Petitioner Mark Holliday, plaintiff-appellant below, is the liquidating trustee of the BosGen Liquidating Trust. The BosGen Liquidating Trust was created in connection with the bankruptcy cases of Boston Generating, LLC, EBG Holdings LLC, Fore River Development, LLC, Mystic I, LLC, Mystic Development, LLC, BG New England Power Services, Inc., and BG Boston Services, LLC (collectively, the “Debtor Entities”). In accordance with the Final Cumulative Joint Plan of Liquidation of Boston Generating, LLC et al., all of the Debtor Entities have been dissolved and each of their cases has been closed. Respondents, below, are the following former equity holders in EBG Holdings LLC: Credit Suisse Securities (USA) LLC Credit Suisse (USA), Inc. D. E. Shaw & Co., L.P. D. E. Shaw Laminar Portfolios, L.L.C. Goldman Sachs & Co. LLC J.P. Morgan Securities LLC Mason Capital Ltd. Mason Capital Management LLC Morgan Stanley & Co. LLC iv RBS Holdings USA, Inc. Taconic Capital Partners 1.5 LP The Raptor Global Portfolio Ltd. The Tudor BVI Global Portfolio L.P. Tudor Proprietary Trading, L.L.C. Tudor Investment Corporation Ex Orbit, Ltd Satellite Senior Income Fund, LLC CMI Holdings Investments Ltd. Castlerigg Partners, LP Satellite Asset Management, LP Sandell Asset Management Corporation Satellite Overseas Fund Ltd. The Apogee Fund, Ltd. Satellite Fund IV, LP Satellite Overseas Fund V, Ltd. Satellite Overseas Fund VI, Ltd. Satellite Overseas Fund VIII, Ltd. Satellite Overseas Fund IX, Ltd. Satellite Fund I, LP Satellite Fund II, LP v EX Orbit Group, Ltd. Satellite Overseas Fund VII, Ltd. Anchorage Capital Master Offshore, Ltd. Stonehill Institutional Partners, L.P. Anchorage Capital Group, L.L.C., AKA Anchorage Advisors, LLC Anchorage Capital Master Offshore II, Ltd. Stonehill Capital Management LLC Boston Generating Offshore Holdings, Ltd. Cedarview Capital Management LP Citigroup Alternative Investments LLC, as successor in interest to Epic Asset Management LLC Epic Distressed Debt Opportunities Fund Ltd. Longacre Capital Partners (QP) LP Longacre Master Fund, Ltd. Harbinger Capital Partners, LLC Boston Harbor Power LLC Power Management Financing LLC Harbinger Capital Partners Master Fund I, Ltd., FKA Harbert Distressed Investment Master Fund, Ltd. vi Scottwood Capital Management LLC Scottwood Fund, Ltd. Trade Claim Acquisition LLC Seneca Capital International Ltd. Greenwich International Ltd. Seneca Capital LP DB Holdings Inc. Epic Distressed Debt Holdings, Inc. Latigo Master Fund, Ltd. Cedarview EBG Holdings, Ltd. Guggenheim Portfolio Co. XII LLC Latigo Partner LP