Best Of: Inside Johnson & Johnson’s bankruptcy two-step
Behind the Money
The Texas Two-Step Mechanism for Bankruptcy
The company warned that the cost of the litigation could become unsustainable. And this is where the Texas two-step enters the picture. This whole mechanism sort of relies on a 1989 statute that was passed by the Texas state legislature. Jamie says the law was originally passed as a way to make it easier to do corporate spinoffs. But now, years later, it's being used as step one in thisTexas two-step move.
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