"Arguably, a fraudulent conveyance action to recover those fees and expenses may lie," the report said.

The related case law does not "provide convincing grounds for failing to commence an otherwise legitimate leveraged-buyout fraudulent conveyance action against the selling shareholders."

The question in In re Bellingham is whether, or in what circumstances, a bankruptcy court has jurisdiction to enter judgment on a fraudulent conveyance action.

Practically, anyone who was injured financially by a leveraged buyout - stockholders, banks, bondholders and other creditors - could be potential plaintiffs in fraudulent conveyance actions.

According to the report, others who could be subject to fraudulent conveyance actions would be the law firms in the deal, which included Cleary, Gottlieb & Hamilton and Sullivan & Cromwell, as well as an auditor, KPMG Peat Marwick.