4 ms·
> Thus far, it remains undetermined, as things are still in progress. My question was, do you think the 3rd circuit got it wrong, and that the spin off didn't
by Lazare 3y ago
> Thus far, it remains undetermined, as things are still in progress.
My question was, do you think the 3rd circuit got it wrong, and that the spin off didn't have access to that money when it initially tried to file for bankruptcy? That is not in progress, and we have as much information as we ever will have. J&Js finances, the text of the funding agreement, and the text of the 3rd circuit's opinion are in the public record!
> The entity that J&J spun off has attempted multiple times to declare bankruptcy, only to be thwarted [...] they stated that "the time was not right" and questioned the amount of funding.
Right, they were thwarted because they had TOO MUCH money. The time wasn't right because with an $60b+ blank check from J&J, they weren't bankrupt. Which is a pretty plausible argument!
> LTL re-filed for bankruptcy three hours after this ruling. (Why, was the time right, in the afternoon?)
This is hardly a mystery. They refiled with a different (and less generous) funding agreement, which (rather obviously) brought them closer to being technically bankrupt but (as the 3rd circuit ruled) didn't come close enough.
> Georgia Pacific did the same with Best Wall
Can you provide any support for this claim? Because I think you've got the sequence of events backwards - specifically I believe they promised $175m in the initial funding agreement, and then later raised it to $1b, which (so far) they haven't walked away from.
Happy to learn more about the details though.
> St Gobain did the same thing
Again, what did the original funding agreement promise, and what did they deliver?
> When only four firms have tried this
I am legitimately curious - have any of those four firms failed to deliver on the funds promised in the funding agreement of the spun off holding company? Because I'm not aware of this occuring, and some quick internet searching didn't come up with any results either.