Johnson & Johnson baby powder/credit: MailHamdi/Shutterstock.com Controversial 'Texas Two-Step' Netted Jones Day $107 Million Before 3rd Circuit Rebuke
Jones Day partner Gregory Gordon employed the tactic in four large Chapter 11s prior to a late January ruling against Johnson & Johnson affiliate LTL Management.
February 10, 2023 at 03:55 PM
3 minute read
The bankruptcy maneuver a Jones Day partner called the "greatest innovation in the history of bankruptcy" is in jeopardy following a recent U.S. Court of Appeals for the Third Circuit ruling in late January, which found that solvent companies cannot splinter off mass tort liabilities into affiliated companies that immediately file for bankruptcy.
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