3 ms·

Can you educate me what the idea of the SACKLER act was? If the Sackler family committed a felony, then surely no type of bankruptcy (corporate or personal) ca

Can you educate me what the idea of the SACKLER act was? If the Sackler family committed a felony, then surely no type of bankruptcy (corporate or personal) can shield them from that, so that's not what the act is about. If not, then is it trying to pierce through the limited liability of a limited liability corporation? That sounds to me as potentially having huge implications. Did the Democrats really want that? Or did they just want to score some political points, and secretly did not intend to act to pass?

Guvante 3y ago
Have you read into that situation? The Sackler family got the bankruptcy judge to give them and all of their companies personal immunity from a situation because the corporation was going bankrupt. Why can a bankruptcy proceeding for one entity shield another entity from being sued? If that entity was protected by an LLC shield such protection wouldn't be needed by the bankruptcy court. This isn't about piercing the viel or about avoiding bankruptcy. This is about bankruptcy of one entity somehow protecting theoretically unrelated entities. After all as you mentioned they should be shielded by the viel already, why give them explicit immunity?