Michael Shepard, partner with Shepard O'Donnell. Courtesy photo Will the Fourth Circuit Finally Take On Bankruptcy's 'Texas Two-Step'?
The U.S. Court of Appeals for the Fourth Circuit has agreed to take up a bankruptcy involving the controversial "Texas two-step," potentially deciding the merger tactic's fate in future Chapter 11 cases. The opening brief is due July 10.
June 11, 2024 at 06:30 PM
6 minute read
What You Need to Know
- A claimants committee had petitioned to dismiss the bankruptcy of Bestwall, a Georgia-Pacific subsidiary created through a 'Texas two-step' to resolve 60,000 lawsuits over asbestos exposure.
- A decision could create a circuit split with the U.S. Court of Appeals for the Third Circuit, which last year dismissed two bankruptcies filed by a Johnson & Johnson subsidiary to resolve thousands of talcum powder lawsuits.
- On April 17, the Fourth Circuit denied direct review in two other asbestos bankruptcies involving Aldrich Pump and Murray Boiler.
An influential appellate court has agreed to take up a bankruptcy involving the controversial "Texas two-step," potentially deciding the merger tactic's fate in future Chapter 11 cases.
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