Weil Gotshal discusses the Indiana Court of Appeals’ decision in New Nello Operating Co., LLC v. CompressAir, No. 19A-CC-603, opinion (Ind. App. Mar. 2, 2020), affirming a trial court ruling that a new entity’s acquisition of an old entity’s assets in partial satisfaction of debt in a strict foreclosure was a de facto merger where the old entity’s management team retained their roles in the new entity, even though no owner of the old entity retained an ownership interest in the new entity.