How #johnson&johnson uses #bankruptcy triks in #texas to further victimize baby powder #cancer patients.

https://youtu.be/tpxzjGxSjA8?si=fpbvP6MCp7YlzJLB

#greed #johnsonnjohnson #tx #USpol #classaction #fedilaw #jnj #texasTwoStep

https://www.theguardian.com/us-news/2023/oct/04/asbestos-mesothelioma-victims-compensation-certainteed

#asbestos #capitalism #mesothelioma #TexasTwoStep

Prison healthcare provider Corizon Health Inc. split into two U.S. companies - Tehum Care Services and YesCare. Tehum was given over 1,000 legal claims (such as 660 charges of malpractice) of $82 million so it declared bankruptcy, while YesCare kept all the business.

#TexasTwoStep

https://www.usatoday.com/story/news/nation/2023/09/19/corizon-yescare-private-prison-healthcare-bankruptcy/70892593007/

... cont'd

Texas two-step bankruptcy
https://en.wikipedia.org/wiki/Texas_two-step_bankruptcy#Subsequent_Chapter_11_bankruptcy

Once the parent company has created a spin-off containing the parent's former liabilities, the spin-off declares chapter 11 bankruptcy but remains in control as a debtor in possession.

E.g. when Johnson & Johnson entered into a Texas two-step through its spin-off LTL Management LLC, J&J's other divisions continued to operate unencumbered, and J&J maintained its AAA credit rating.
...

#CorporateEthics #talc #cancer #TexasTwoStep

Appeals court clears the way for more lawsuits over Johnson's Baby Powder

The 3rd U.S. Circuit Court of Appeals dismissed a bankruptcy filing by a Johnson & Johnson spinoff company, ruling that the company was not in genuine financial distress.

The court noted that the spinoff company still has access to Johnson & Johnson's assets, worth an estimated $61.5 billion.

#JohnsonAndJohnson #BabyPowder #LTLManagement #Bankruptcy #TexasTwoStep #Talc #Asbestos #Cancer #Lawsuit
https://www.npr.org/2023/01/30/1152600293/appeals-court-clears-the-way-for-more-lawsuits-over-johnsons-baby-powder

The 3d Circuit #CourtOfAppeals has foiled #JohnsonAndJohnson's plan to use a bankruptcy scam called the #TexasTwoStep to escape paying 40,000 women, injured when the pharma giant sold them asbestos-tainted talcum powder to dust over their vulvas, leading to gruesome cancers:

https://www.wxxinews.org/2023-01-30/appeals-court-clears-the-way-for-more-lawsuits-over-johnsons-baby-powder

If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/02/01/j-and-j-jk/#risible-gambit

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