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#texastwostep

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Continued thread
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Victoria Stuart 🇨🇦 🏳️‍⚧️

... cont'd

Texas two-step bankruptcy
en.wikipedia.org/wiki/Texas_tw

Once the parent company has created a spin-off containing the parent's former liabilities, the spin-off declares chapter 11 bankruptcy but remains in control as a debtor in possession.

E.g. when Johnson & Johnson entered into a Texas two-step through its spin-off LTL Management LLC, J&J's other divisions continued to operate unencumbered, and J&J maintained its AAA credit rating.
...

en.wikipedia.orgTexas two-step bankruptcy - Wikipedia
#CorporateEthics#talc#cancer
Public
Mufasa

Appeals court clears the way for more lawsuits over Johnson's Baby Powder

The 3rd U.S. Circuit Court of Appeals dismissed a bankruptcy filing by a Johnson & Johnson spinoff company, ruling that the company was not in genuine financial distress.

The court noted that the spinoff company still has access to Johnson & Johnson's assets, worth an estimated $61.5 billion.

#JohnsonAndJohnson #BabyPowder #LTLManagement #Bankruptcy #TexasTwoStep #Talc #Asbestos #Cancer #Lawsuit
npr.org/2023/01/30/1152600293/

A closeup of a Johnson's baby power bottle. Johnson & Johnson announced last year that it would suspend all talc baby powder sales worldwide. Jeff Chiu/AP
Public
Cory Doctorow

The 3d Circuit #CourtOfAppeals has foiled #JohnsonAndJohnson's plan to use a bankruptcy scam called the #TexasTwoStep to escape paying 40,000 women, injured when the pharma giant sold them asbestos-tainted talcum powder to dust over their vulvas, leading to gruesome cancers:

wxxinews.org/2023-01-30/appeal

If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

pluralistic.net/2023/02/01/j-a

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A picture of a white-out dust storm at Burning Man. A giant tulip rises out of the dust. Its petals are suggestive of a vulva. A giant bottle of Johnson and Johnson baby powder enters the frame from the top right corner. Image: James Wagstaff (modified) https://www.flickr.com/photos/jesse/2256760407/ Mike Mozart (modified) https://www.flickr.com/photos/jeepersmedia/26191532093 CC BY 2.0 https://creativecommons.org/licenses/by/2.0/
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