SoylentNews is people
SoylentNews
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: 2) by DannyB on Tuesday September 17 2019, @02:59PM
In 2007, after years of delays SCO finally was on the eve of "getting its day in court" on Monday Sept 17. On the eve of a trial that was obviously not going to go well for SCO, on Friday afternoon Sept 14, SCO declared bankruptcy.
SCO is still in bankruptcy to this day. There are a number of interesting lessons about bankruptcy.
First, bankruptcy court, at least in certain "corporate friendly" states, stinks to high heaven. The assets can be separated from the liabilities. The assets are sent in one direction, squeaky clean from BK court, under a new name. The liabilities are sent another direction, with no assets to actually recover even if after bankruptcy, a plaintiff can prove its case in court and win a judgement. There are simply no assets to recover from the "liability" company that is completely unrelated to the "assets" company after BK "reorganization".
Second, the court system is designed to enrich the lawyers. A lawyer can get appointed as a "trustee" to oversee operations of the company. Fire everyone, including the CEO so that just a paper shell of a company remains. Then drag the case out for years and years. Billing the remaining bit of operating assets that the "liability" company had after "reorganization". Billing it until it is eventually bled dry.
To transfer files: right-click on file, pick Copy. Unplug mouse, plug mouse into other computer. Right-click, paste.