Parties in an insolvency want a clean closing. Post-closing deal “tails”—complex working capital adjustments, vendor take-back mortgages, and earn-outs and participations—are usually viewed negatively.

While parties should not assume a target’s poor financial performance will automatically permit an otherwise anticompetitive transaction, there may be certain circumstances where it is preferable that productive assets be in the hands of a competitor rather than lost to the market.

Many industries are surviving through government funding, and this will not last forever—there will likely be a wave of opportunities in the commercial real estate market in 2021 and beyond.