On November 9th, Jennifer Lyday of Waldrep Wall Babcock & Bailey PLLC, Shari Dwoskin and Tristan Axelrod of Brown Rudnick LLP, Jeffrey Gleit of ArentFox Schiff, and Geoffrey Miller of Dentons will debate the propriety and effectiveness of the trendy “Texas Two Step” mass tort bankruptcies.
In cases such as LTL (Johnson & Johnson), Aearo (3M), Bestwall (Georgia-Pacific) and others, major corporations have begun to offload tort liabilities into new spinoff corporations under a Texas statute and send the new entity into bankruptcy, sparing the valuable parent corporation the hassle of chapter 11 – and, some say, depriving cancer survivors, sex abuse victims and others of due compensation and a day in court.
Divisional mergers are one of the newest and most controversial strategies in chapter 11 today. The panel represents conflicting perspectives, including counsel for tort claimants, insurers, and corporate interests in some of the most high-profile engagements in chapter 11 today.
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