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Purdue Pharma files for bankruptcy with $10B plan to settle claims

bloomberg.com

11–20 of 196 posts

Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims

#11
post #3

How can this be legal?

[flagged]

Yeah this. I really wish there was some way to sentence these billionaires to the middle class for the rest of their lives. Some sort of "external" prison where their net worth is held to that of the median net worth of the OMB's "middle class" range.

Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims

#12
post #4

Looks like they got a golden escape hatch. Sounds like this arm of the company will end up controlled by a government trust. The best outcome would probably be the government running the operation at break even, lowering costs, and heavily regulating how much product it could give to hospitals.

The best outcome would be directing resources at preventing and treating opioid addiction, not at punishing the drug manufacturer.

Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims

#13
post #4

Looks like they got a golden escape hatch. Sounds like this arm of the company will end up controlled by a government trust. The best outcome would probably be the government running the operation at break even, lowering costs, and heavily regulating how much product it could give to hospitals.

Pierce the veil and go after the family.

Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims

#15
post #4

Looks like they got a golden escape hatch. Sounds like this arm of the company will end up controlled by a government trust. The best outcome would probably be the government running the operation at break even, lowering costs, and heavily regulating how much product it could give to hospitals.

The best outcome would be directing resources at preventing and treating opioid addiction, not at punishing the drug manufacturer.

That just sends the message that the rich can get rich by ruining the lives of however many thousands of people and will just seek new ways to get rich by ruining the lives of however many thousands of people.

Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims

#18
post #16
post #3

How can this be legal?

Bankruptcy? What do you propose as an alternative when liabilities exceed assets?

Piercing the veil. This is not a lemonade stand going under. Here, "Liabilities" correspond to dead bodies. In the thousands.

Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims

#20

Earlier quoted context omitted.

[flagged]

Yeah this. I really wish there was some way to sentence these billionaires to the middle class for the rest of their lives. Some sort of "external" prison where their net worth is held to that of the median net worth of the OMB's "middle class" range.

Can we do it for everyone?
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