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This is the opposite of what happened. The court rejected their first two step attempt for not having a high enough payout and forced the subsidiary to have a 6
by HDThoreaun 3y ago
This is the opposite of what happened. The court rejected their first two step attempt for not having a high enough payout and forced the subsidiary to have a 61.5 billion dollar payout maximum.
- thomastjeffery 3y agoThat's not what opposite means. What's you just described is the same exact thing with extra steps. Sure, it's a higher number than J&J asked for, but it's still a number!
- HDThoreaun 3y agoIt's the entire value of the business, there is no higher possible number.
- thomastjeffery 3y agoOf course there is! It's called "debt". The entire purpose of bankruptcy is to resolve debt you can't afford to pay.
- FireBeyond 3y agoAnd yet in every company where the Texas Two Step has been done, funding, "requirements" etc., have been blatantly disregarded and the only ones who have been screwed over are said claimants. Georgia Pacific, faced with several billions in claims, formed a subsidiary, and "pledged" to fund it to the full amount, starting with an initial $1B funding... Actually only funded it to the value of $175M. Less than $3,000 per claimant for mesothelioma. Less than $3,000... before claimant legal fees.