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...Smart reads Bankruptcy in Texas Houston has been a favoured city for cash-strapped companies and corporations with large legal liabilities to find shelter from creditors....
...Michela TinderaAnd a second company is set up to hold the liabilities. So in J&J’s case, they set up a new company....
...To manage the growing liability, J&J deployed a controversial bankruptcy manoeuvre known as the Texas two-step....
...a corporate restructuring known as the “Texas two-step”....
...Furthermore, the authors find that this is not merely a “sin stock” effect, where disreputable corporations (makers of booze, guns, tobacco) trade at a discount....
...The scheme utilises a business-friendly divisional merger law introduced in 1989 in Texas, which enables companies to divide their assets into assets and liabilities....
...J&J had deployed a legal manoeuvre called the “Texas two-step” to divide the company into two separate businesses before placing one of them, which is facing more than 40,000 cancer claims, into bankruptcy...
...Under “Project Everest”, the Big Four firm would be split into two entities: the traditional audit-focused network of partnerships and a newly formed publicly-held consulting corporation (NewCo)....
...In 2021, TPG, the Texas-based private equity firm, said it had raised $7.3bn for a climate-focused impact fund from backers including the Ontario Teachers’ Pension Plan and insurance company Axa....
...To manage the growing liability, J&J recently deployed a controversial new bankruptcy manoeuvre known as the Texas Two-Step....
...environment in Texas, not to enable companies to avoid liabilities....
...The reorganised WPG is structured as a limited liability company, which typically offers fewer fiduciary protections to minority shareholders than a traditional corporation....
...The US president will also outline a plan to replenish the dwindling emergency stockpile in an effort to tame petrol prices, which have been a political liability for Democrats ahead of next month’s midterm...
...The bankruptcy manoeuvre utilises business-friendly laws in Texas that allowed J&J to split itself into two separate entities and ringfence all its talc liabilities within the LTL subsidiary....
...Using a complex process dubbed the “Texas two-step”, it created a new subsidiary under Texas law, then split the company into two and ringfenced all its talc liabilities in the new entity....
...Critics contend J&J and other companies are “forum shopping” for favourable venues to sidestep legal claims and using complex legal manoeuvres to cap their liabilities....
...geographies and other elements, said Meg Starr, Carlyle’s global head of impact....
...Now, corporations are run much more like in the mould of the way a KKR would run a corporation....
...The pledge has mostly held, with producers eschewing a new drilling surge despite a recovery in oil prices, instead using the windfall to repair balance sheets, reduce liabilities and return capital....
...Prosecutors charged the company with one count of conspiracy to defraud the US, according to documents filed on Thursday in federal court in Texas....
...But following the coup, the reputational risk of maintaining ties to Myanmar’s military became a potential financial liability....
...Of course Mr McConnell’s friends can offset some of those burdens with the green credits, and the increased taxation of corporations and financial companies will help create more demand for state and local...
...Anthony Fauci, a leading member of the White House coronavirus task force, has urged states including Arizona, Texas and Florida to move aggressively to prevent recent increases in cases from turning into...
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