Seems like an abuse of the limited liability. Does the US have a way to set that aside? I know other countries do
Purdue Pharma files for bankruptcy with $10B plan to settle claims
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Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#32Earlier quoted context omitted.
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Luckily, this means the family will be pursued criminally. Bankruptcy doesn’t shed that.
Purdue is already convicted of a felony. You shouldn't be able to declare bankruptcy to dissolve damages from a felony and felony conviction of company should hold directors accountable for damages.
Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#33Seems like an abuse of the limited liability. Does the US have a way to set that aside? I know other countries do
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Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#34How can this be legal?
Bankruptcy? What do you propose as an alternative when liabilities exceed assets?
A Chapter 11 is a filing for reorganization of debt, to keep the business alive and pay creditors over time, often at a discount and privileging some debtors over others.
Even within traditional US Bankruptcy codes, there could instead be a Chapter 7 liquidation bankruptcy. In which the company is simply (or not so simply) liquidated and all assets used to pay creditors. Purdue pharma isn't a public company. I'm not sure how to look up it's net worth.
The Sacklers will of course prefer whichever will lose them the least money.
That's before we start talking about the ways in which a company's owners can indeed legally be liable for the company's fraudulent or criminal behavior, and long before we start talking about the guillotines.
Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#35Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#36Earlier quoted context omitted.
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.
Purdue never prescribed opioids to anyone. They only sold them to hospitals and doctors, after the FDA let them do it. Not sure what message punishing them is supposed to send? But I get it. Someone dies and it’s the drug dealers fault, and punishing them will make everyone feel better. Except it doesn’t do anything about the actual problem (opioid addiction). It feels to me like the elation here is because the Sackl…
They lied about the drugs which they actively marketed to doctors.
That’s far more than just manufacturing and opened them up to significantly increased liability.
Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#37Earlier quoted context omitted.
Luckily, this means the family will be pursued criminally. Bankruptcy doesn’t shed that.
Purdue is already convicted of a felony. You shouldn't be able to declare bankruptcy to dissolve damages from a felony and felony conviction of company should hold directors accountable for damages.
While it’s unfortunate bankruptcy code wasn’t designed for these edge cases, I’m optimistic about how a court will handle this. Even more so about criminal charges that will likely include a prison sentence due to the amounts involved and clear intent.
Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#38Earlier quoted context omitted.
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.
I agree with you both.
that is, the important thing is directing resources at preventing and treating opioid addictions and ODs, and if there's any justice the entire Sackler family fortune would be used to do so. Fortunately, these two goals are not in conflict, the Sackler's have a net worth upwards of $13 billion, which would be quite helpful resources to direct at preventing and treating opioid addiction and health effects.
Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#39With the Sackler family funneling out money prior to this, is there any chance a judge would refuse the bankruptcy?
Yes. Clawback.
Re: Purdue Pharma files for bankruptcy with $10B plan to settle claims
#40Earlier quoted context omitted.
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.
Purdue never prescribed opioids to anyone. They only sold them to hospitals and doctors, after the FDA let them do it. Not sure what message punishing them is supposed to send? But I get it. Someone dies and it’s the drug dealers fault, and punishing them will make everyone feel better. Except it doesn’t do anything about the actual problem (opioid addiction). It feels to me like the elation here is because the Sackl…
I do not believe that Purdue is innocent of anything, and I would love for more evidence to be brought forward to a court of law.
https://www.statnews.com/2016/09/22/abbott-oxycontin-crusade...