"transaction as of the time" will no doubt boil down to whether the parties knew OR SHOULD HAVE KNOWN that the transaction would violate 347.  When you are suing for $3.6 BILLION and you take 15% of the CVR for a measly $15 million loan (minus fees) it seems like a no brainer to me.  That fact alone along with many other reasons I'm sure played a role in Gowlings willingness to take this case on.