Desired

Austin, Texas – The controversial “Texas Two-Step” bankruptcy cases, which involved corporations using the tactic of restructuring and subsequently filing for bankruptcy to delay mass tort liability, have proven to be unsuccessful. Companies such as Best Wall, DBMP, Aldrich Pump/Murray Boiler, and most recently, LTL, have all attempted this strategy without success. These failed attempts have garnered significant attention, with critics including the U.S. Senate expressing strong opposition. The concept of the Texas Two-Step has muddled the discussion surrounding the legitimate interests of both public companies seeking “finality” in resolving claims and plaintiffs who want … Read more