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Showerthawts t1_j6jic7r wrote

Reply to comment by L_Cranston_Shadow in J&J’s Talc Bankruptcy Case Thrown Out by Appeals Court by L_Cranston_Shadow

>The unanimous ruling was a rebuke to an emerging corporate restructuring strategy in which companies facing mass tort litigation invoke a Texas law to create a new subsidiary with minimal business operations and make it responsible for tort liabilities before putting that subsidiary in bankruptcy.

WOW that is really shitty.

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TywinDeVillena t1_j6ky730 wrote

How in the fuck is that even legal?

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KallistiTMP t1_j6li12p wrote

The law exists to protect capitalists' financial interests, not the interests of the people. Everything else is propaganda. Even the laws that people think of as being there to protect citizens like the laws against assault, theft, murder, hard drugs, etc, are really just clever ways of extracting the maximum amount of profit and slave labor from whichever group of people society feels least sympathetic towards.

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Stibley_Kleeblunch t1_j6l7xbw wrote

Well, it's one step closer to not being legal now, it seems...

Loopholes don't get closed until they're discovered.

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TywinDeVillena t1_j6lylbm wrote

Here in Spain that action would be a crime called alzamiento de bienes (literally "uplift of goods") which is more or less conceptually equivalent to asset stripping.

Alzamiento de bienes is defined as the intentional hiding of property or assets, or intentional mismanagement, in order to obstruct creditors from being paid.

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Stibley_Kleeblunch t1_j6m0gpd wrote

It's good to see that some of us have our heads screwed on straight, at least.

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TywinDeVillena t1_j6m67yr wrote

I was sure the *alzamiento de bienes* was illegal since time immemorial, and just checked the Siete Partidas, a massive legal code from the 13th century, where such a thing can be found in Partida V, title XV, law VII:

How if a debtor alienates his goods in damage of those to whom he owed something, may that alienation be revoked.

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