The Pennsylvania Supreme Court recently issued an important decision that potentially affects how corporate acquisitions are best structured and the liability risks confronting the buyer. In a 5-2 decision in Fizzano Brothers Concrete Products v. XLN Inc., the court addressed the law of corporate successor liability.
Can there be successor liability in an asset purchase? If so, under what circumstances? What constitutes “continuity of ownership” for purposes of corporate successor liability, and is it a required element of the de facto merger doctrine?
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