Reasonably equivalent value opinions are closely related to fairness opinions and solvency opinions and are typically issued to the board of directors of a financially distressed parent. Federal and state fraudulent transfer statutes provide that a seller must receive reasonably equivalent value or fair value for assets being sold. In the case of a leveraged transaction, there is a presumption that reasonably equivalent value is not being received and a board of directors will often require a solvency opinion. If the seller is financially distressed and the likelihood of the seller being solvent becomes diminished, a board will obtain a reasonably equivalent value on the asset transfer.