What Plaintiffs Can Do If J&J Succeeds In Bankruptcy Strategy
By Edward Neiger (September 24, 2021, 5:20 PM EDT) -- There are over 35,000 open claims in federal court linking Johnson & Johnson's talc-containing powders to ovarian cancer and mesothelioma. In light of this litigation, it's been reported that Johnson & Johnson is considering a bankruptcy maneuver known as the "Texas two-step."
The strategy being explored by J&J is known as a "divisive merger" and it has been utilized where a company with massive tort liabilities splits itself into two companies and allocates the assets and liabilities however it pleases among the two successor entities. One of the newly formed units, referred to here as Newco, will hold all the liabilities...
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