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Search resuls for: "Dan Levine Mike Spector"


2 mentions found


☆ Corporate lawsuit dodge imperiled after court rejects J&J bankruptcy tactic
  + stars: | 2023-02-02 | by ( Dan Levine Mike Spector | Dan Levine | Mike Spector | ) www.reuters.com   time to read: +10 min
A lawyer for Johnson & Johnson’s subsidiary said in a statement that the company would seek a rehearing of the panel’s decision by the full 3rd Circuit court. Gordon’s strategy worked in bankruptcy court but set up J&J for failure when it faced the 3rd Circuit appeals panel. Gordon, at the bankruptcy conference, described the lawsuits as “completely unmanageable” and a dire threat to J&J that could go on for decades. The 7th Circuit Court of Appeals is expected to hear arguments in coming months on a challenge to the 3M subsidiary’s bankruptcy. The litigation, they asserted, should be allowed to proceed against Georgia-Pacific because the parent company did not file for bankruptcy.
☆ Koch gets $2.5 bln in dividends from unit that offloaded asbestos liability
  + stars: | 2023-01-19 | by ( Dan Levine Mike Spector | Dan Levine | Mike Spector | ) www.reuters.com   time to read: +3 min
Koch unit Georgia-Pacific used a corporate bankruptcy maneuver known as the Texas two-step, forming a new Texas subsidiary, Bestwall, that took on the company's asbestos liability. The latest court documents, filed on Wednesday, provide new detail about how Koch has benefited from the case. Koch has received more than $5 billion since Bestwall filed for bankruptcy in 2017. Representatives for New Georgia-Pacific and Koch Industries did not immediately respond to a request for comment on Thursday. New Georgia-Pacific's shareholder equity is forecast to be about $27.8 billion after accounting for the Koch dividends, according to the Wednesday court filing.
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