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(CNBC)   In a case that will almost surely end up in the Supreme Court, companies are told they have to pay for their mistakes and not hide behind bankruptcy law   (cnbc.com) divider line
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    More: Spiffy, Bankruptcy, New York Stock Exchange, Appellate court, Appeal, J&J shares, Jury, Talc, Law  
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1243 clicks; posted to Business » on 30 Jan 2023 at 3:47 PM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



15 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
Lsherm [TotalFark]
2023-01-30 2:59:58 PM  
Good. This isn't a case of a company going broke because of lawsuits, this is a case of a company deliberately creating a NEW company because of a lawsuit, then declaring that company broke so it wouldn't have to pay out more damages.
 
NewportBarGuy [TotalFark] [OhFark]
2023-01-30 3:06:40 PM  

Lsherm: Good. This isn't a case of a company going broke because of lawsuits, this is a case of a company deliberately creating a NEW company because of a lawsuit, then declaring that company broke so it wouldn't have to pay out more damages.


3M was trying to do the same thing with their earplug lawsuit. Their stock took a hit when this was announced.

But, I still think some judge somewhere will bail these guys out because it seems like they always do.

Unless, this is our Michael Clayton moment.
 
Russ1642
2023-01-30 3:56:55 PM  
How about also not having scientfically illiterate judges and juries deciding these types of cases.
 
imashark [TotalFark]
2023-01-30 3:58:15 PM  
Fark user imageView Full Size


X - Doubt
 
nakmuay
2023-01-30 3:59:57 PM  
Fark user imageView Full Size
 
Russell_Secord
2023-01-30 4:35:04 PM  
Did you know that Kavanaugh's father was a lobbyist for J&J?

What do you suppose will happen when this case reaches the Supremes?
 
NewportBarGuy [TotalFark] [OhFark]
2023-01-30 4:36:44 PM  

Russell_Secord: Did you know that Kavanaugh's father was a lobbyist for J&J?

What do you suppose will happen when this case reaches the Supremes?


He gambles on the outcome, still loses and needs someone to pay off his gambling debts?
 
MikeyFuccon
2023-01-30 4:41:39 PM  
Limited liability is supposed to protect a corporation's shareholders from losing more than the value of their shares if the company goes broke. It is not designed to allow the shareholders to defraud creditors. Equity holders are supposed to be the first to be wiped out if the business goes belly-up, not the last.

If the Thomas Court overrules the appeals court, it's hard to imagine how any corporate debt could be enforced afterwards. All a corporation has to do to stiff a creditor is spin off a subsidiary with no assets and the debt as liability, and make a show of having Middle Finger and Welsh Inc. declare bankruptcy.

The yield on corporate debt would go up quite a bit to account for the much greater risk, which would cost a lot of Republican donors a lot of money. Methinks even Ginni might think twice about this one.
 
mrmopar5287 [TotalFark]
2023-01-30 4:50:54 PM  

imashark: [Fark user image image 607x165]

X - Doubt


They say that in present tense. They abandoned talc and only make cornstarch based powder.
 
chitownmike
2023-01-30 5:01:43 PM  

Russ1642: How about also not having scientfically illiterate judges and juries deciding these types of cases.


"Jury of your peers"
Good luck with that
 
mrmopar5287 [TotalFark]
2023-01-30 5:04:57 PM  

chitownmike: Russ1642: How about also not having scientfically illiterate judges and juries deciding these types of cases.

"Jury of your peers"
Good luck with that


Nothing in the 6th Amendment says "peers."
 
NewWorldDan
2023-01-30 6:15:25 PM  

NewportBarGuy: Lsherm: Good. This isn't a case of a company going broke because of lawsuits, this is a case of a company deliberately creating a NEW company because of a lawsuit, then declaring that company broke so it wouldn't have to pay out more damages.

3M was trying to do the same thing with their earplug lawsuit. Their stock took a hit when this was announced.

But, I still think some judge somewhere will bail these guys out because it seems like they always do.

Unless, this is our Michael Clayton moment.


It's cases like these where I think the Norm McDonald quote suggesting everyone involved should die is most appropriate. Scummy corporate behavior trying to evade liability from dubious lawsuits. The J&J talc lawsuit is absolute garbage. I'm sorry these people got cancer, but there's an extensive list of things that are 1000x more likely to have caused that cancer than some baby powder that may or may not have had trace amounts of asbestos in it. The 3M ear plug lawsuit is less dubious, but it's still got an endless list of problems. The entire legal system is a flaming dumpster fire, so none of this is terribly surprising.
 
rzrwiresunrise
2023-01-30 7:51:15 PM  
Funny how corporations are people but those people never seem to be liable for anything.
 
baron von doodle [OhFark]
2023-01-30 9:12:58 PM  

mrmopar5287: imashark: [Fark user image image 607x165]

X - Doubt

They say that in present tense. They abandoned talc and only make cornstarch based powder.


Which doesn't work worth a damn, btw.
 
mrmopar5287 [TotalFark]
2023-01-30 9:25:15 PM  

baron von doodle: Which doesn't work worth a damn, btw.


Oh, I'm aware. I noticed the generic replacement for Gold Bond powder I was buying was awful. It was not working and was clumping in the most irritating of places.
 
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