I recently experienced the scenario of a company changing ownership and not honoring the Living Social coupon when presented at the end of the dinner. Even though Living Social knew of the change, and had been contacted by both patrons and new owners Living Social did nothing to alert the customers and they refused to honor the original commitment; and would't refund the full amount.
Unlike Groupon, who at least indicates that there is no expiration of the face value of the coupon cost, Living Social has no commitment or follow-up with the company they market for. In other words, and based on the responses of their call center people (Sashia and Corey - if that is their real names, who knows) they don't give a $#*! what happens after they advertise it on their site. Stick with Groupon!