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  1. CW: Long thread/6

    When a giant corporation goes bankrupt, it emerges shorn of its union pension obligations and liabilities to workers and customers it abused or killed, and continues on, re-offending at will. Big companies have mastered the #TexasTwoStep, whereby a company creates a subsidiary that inherits all its liabilities, but not its assets. The liability-burdened company is declared bankrupt, and the company's sins are shriven at the bang of a judge's gavel:

    pluralistic.net/2023/02/01/j-a

    6/

  2. 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
    npr.org/2023/01/30/1152600293/

  3. 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:

    wxxinews.org/2023-01-30/appeal

    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:

    pluralistic.net/2023/02/01/j-a

    1/