Best Of: Inside Johnson & Johnson’s bankruptcy two-step
Behind the Money
The Texas Two-Step: Dead or Alive?
Last year, a 3M subsidiary applied for bankruptcy. A judge decided that the parent company would still have to fight the lawsuits in the civil courts rather than the bankruptcy court. Now J&J says they're offering about $9 billion to settle the claims of their LTL unit. It remains unclear whether this second bankruptcy is legal and it is now being challenged in court. Jamie Lewis: The Texas two-step really is on life support. There's a very good chance that it's going to be killed off completely.
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