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https://www.bbc.com/news/business-49711618
In the face of thousands of lawsuits about the alleging abusive practices contributing to the opioid crisis in the US, Purdue Pharma (makers of OxiCotin) are filing Chapter 11 Bankruptcy protection. If the courts agree, this would allow them to restructure their debts and continue operations.
"Under the terms of the [proposed] deal, Purdue is to be dissolved and the money raised - estimated to be about $10bn-$12bn (£8bn-£9.7bn), including a minimum cash contribution of $3bn from the Sackler family - will go towards settling the lawsuits. The Sacklers have also offered an additional $1.5bn from the eventual sale of Mundipharma, another pharmaceutical firm owned by the family.
Several of the states that oppose the deal, such as New York, Connecticut and Massachusetts, have questioned how Purdue came up with the contribution figure.
The states want the Sackler family to put in more of its own money into the deal."
Note: Bankruptcy is not what regular people think it is. Similar to the "kill" command in Unix/Linux, there are lots of versions which may or may not do what people think. As an example, see: https://www.credit.com/debt/filing-for-bankruptcy-difference-between-chapters-7-11-13/
(Score: 3, Interesting) by Runaway1956 on Monday September 16 2019, @11:57PM (2 children)
Permission is key here. Some judge(s) have to be convinced that bankruptcy is permissible. I really don't think that bankruptcy was ever intended to make criminal charges go away. That is what we are talking about here, is criminal conduct. A drug pushing cartel used it's money and influence to push drugs onto unsuspecting dupes around the nation, with the complicity of the entire medical industry. Legal drugs or illegal, pushing drugs is wrong, morally, ethically, as well as legally.
If the Sackoshites can't find any corrupt judges to grant permission for them to sidestep criminal responsibility, then chapter 11 won't happen.
Alas, there are plenty of corrupt judges who can either be bought, or can use the case to advance an agenda somehow.
(Score: 0) by Anonymous Coward on Tuesday September 17 2019, @12:23AM
Bankruptcy will do 2 things... Prevent or limit criminal charges, and protect the billions of dollars those fuckers tunneled into their Swiss bank accounts.
(Score: 3, Interesting) by JoeMerchant on Tuesday September 17 2019, @12:31AM
Bankruptcy is a way of protecting (hiding) assets from collection, whether debt or judgement. You basically throw yourself on the mercy of the bankruptcy judge, who, in this case, is most likely going to be bought off in some way by the poor struggling company that needs protection so they can continue their good work in the world. /s
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