4 ms·
>Purdue is only worth a bit more than $2 billion if liquidated. The company values a proposal to settle litigation, which includes providing addiction treatment
by trynumber9 6y ago
>Purdue is only worth a bit more than $2 billion if liquidated. The company values a proposal to settle litigation, which includes providing addiction treatment and overdose-reversing drugs, at more than $10 billion. The Sacklers would contribute $3 billion and cede control of Purdue, with the company becoming a trust run on behalf of plaintiffs.
>Those financial realities underscore that Purdue does not have enough money to satisfy the myriad claims against it.
- milofeynman 6y agoThe Sacklers knew this was coming and have been moving money around for years. Here is just one example: https://www.npr.org/2019/09/14/760794331/sackler-family-transferred-money-to-swiss-bank-accounts-new-york-ag-says https://www.npr.org/2019/09/14/760794331/sackler-family-tran... But I've read they have been doing corporate shuffling as well.
- defen 6y agoI thought they didn't make Swiss bank accounts like they used to? e.g. FATCA means you can't really use Swiss bank accounts to hide assets any more (at least not if that bank wants to participate in the international banking system)
- jraby3 6y agoThere are other ways to hide money now. Fatca is one way, allowing the US to get info but not forced to share it. So the new way is to have a US company (from Nevada, Wyoming, etc.) with at least one foreign partner. If you’re interested in this I suggest reading Moneyland by Oliver Bullough.
- blaser-waffle 6y agoI've heard a good one is to get a foreign company -- one you're in cahoots with, obviously -- to sue you... and you lose. Judgements across borders generally are hands off, and there are easy ways to keep that money out of the IRS once settlements are involved.