What should a party do if, before the COVID-19 pandemic, it entered a transaction to purchase assets, but the closing was scheduled for a date after the pandemic began? Economic conditions in numerous industries have changed significantly as a result of the pandemic, and the value of certain assets may have decreased—or, in some cases, increased. Purchasers in this situation undoubtedly wish that they had access to a time machine, to warn their past selves that the world was about the change. But failing access to a DeLorean with the ability to hit eighty-eight miles per hour, some parties are instead turning to the next best thing—the court system—in order to attempt to unwind transactions where a purchase agreement was signed but the deal never closed.
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